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"value": "IntroductionThis 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 2023 financial year, and is based on the IFRS consolidated financial statements and should be read in con-junction with these statements.1.1. Statement of compliance and basis of presentationThe 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 2023 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 5 February 2024. The chairman has the power to amend the financial statements until the shareholders\u2019 meet-ing of 25 April 2024.1.2. Principles of consolidationGeneralThe 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.Barco is a global technology company developing solutions for three main markets, which is also reflected in its divisional structure: Healthcare, Enterprise and Entertainment.",
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"value": "IntroductionThis 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 2023 financial year, and is based on the IFRS consolidated financial statements and should be read in con-junction with these statements.Significant IFRS accounting principles1. Accounting principles1.1. Statement of compliance and basis of presentationThe 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 2023 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 5 February 2024. The chairman has the power to amend the financial statements until the shareholders\u2019 meet-ing of 25 April 2024.1.2. Principles of consolidationGeneralThe 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.SubsidiariesSubsidiaries 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\u2019s company reporting sched-ule, using consistent IFRS accounting policies.Non-controlling interestsNon-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\u2019s equity, even if the attribution of losses to the non-controlling interest results in a debit balance in shareholder\u2019s equity.Investments in associated companies and joint venturesThe 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\u2019s share of net assets of the associate since the acquisition date. The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate, in \u2018other operating income\u2019 for associated companies and joint ventures with closely related business and in the line \u2018share in the result of joint ventures and associates\u2019 for all other associated 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 \u2018investments and interest in associates\u2019.2. GoodwillGoodwill 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 costsResearch 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\u2019s 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.4. Other intangible assetsIntangible 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 equipmentProperty, 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. underlyingasset, limited to outstanding period of lease contractA 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. LeasesAssets, 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\u2019s 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 throughprofit and loss or other comprehensive incomeInvestments 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 income is determined at moment of initial recognition. For investments quoted in an active mar-ket, the quoted market price is the best measure of fair value. For investments not quoted in an active market, the carry-ing 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 \u2018Investments and interest in associates\u2019.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.8. Other non-current assetsOther 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 assetsThe 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\u2019s 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 \u2013 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. InventoriesInventories 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 recognitionWe 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 goodsContracts 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 servicesThe 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.(c) ProjectsFor revenue out of projects, billing and revenue recognition is linked to milestones, reflecting the percentage of completion, 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 grantsGovernment 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 receivableTrade 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 equivalentsCash 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\u2019s policy to hold investments to maturity. All invest-ments are initially recognized at fair value, which is the cost at recognition date.15. ProvisionsProvisions 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 \u2018Long-term provisions\u2019, 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 2023 the minimum guaranteed rate of return remains the same as in 2022 and 2021, 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 \u2013 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 borrowingsAll 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.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 liabilityWhen 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 payablesTrade 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 benefitsEmployee 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 currenciesTransactions 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 companiesIn 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 \u2018other comprehensive income\u2019, until disposal of the investment. Foreign currency ratesDecember 31, 2023 December 31, 2022 December 31, 2021CurrencyClosing rate Average rate Closing rate Average rate Closing rate Average rateCNY 7.85 7.66 7.36 7.08 7.19 7.63INR 91.90 89.30 88.17 82.69 84.23 87.45USD 1.11 1.08 1.07 1.05 1.13 1.1822. Derivative financial instrumentsDerivative 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 liabil-ity, or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in \u2018other comprehensive income\u2019 with the ineffective part recognized directly in profit and loss. 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 taxesCurrent 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 lia-bility 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 differences, 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 taxable 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 state-ments 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 assessment, a deferred tax liability is determined in line with IFRIC 23.24. Impairment of assetsGoodwill 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 paymentBarco 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 shareThe 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.IFRS accounting standards adopted as of 2023The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2023. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies, effective 1 January 2023\u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates, effective 1 January 2023\u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction, effective 1 January 2023 \u2022 IFRS 17 \u2018Insurance contracts\u2019, effective 1 January 2023\u2022 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information, issued on 9 December 2021, effective 1 January 2023\u2022 Amendments to IAS 12 \u2018Income Taxes\u2019: International Tax Reform \u2013 Pillar Two Model Rules, effective 1 January 2023:In May 2023, the IASB has issued these amendments introducing:\u2022 a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and \u2022 targeted disclosure requirements for affected entities.The Amendments note that the mandatory temporary excep-tion provides entities with relief from accounting for deferred taxes in relation to this new tax legislation allowing stake-holders time to assess the implications. It also avoids entities developing diverse interpretations of IAS 12 that could result in inconsistent application of the standard, and further requires an entity to disclose that it has applied the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.The group has applied the mandatory temporary exception issued by the IASB in May 2023 which has refrained the Group from recognising and disclosing deferred tax assets and lia-bilities related to Pillar Two income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two Model Rules published by the OECD, including tax law that implements qualified domestic minimum top-up taxes.The disclosure requirements for affected entities require, for periods in which Pillar Two legislation is (substantively) enacted but not yet effective, disclosure of qualitative and quantitative information about an entity\u2019s exposure to Pillar Two income taxes at the end of the reporting period.On 14 December 2023, the Belgian government has enacted the Pillar Two income taxes legislation effective from 1 January 2024. Given that the consolidated revenue threshold of EUR 750 million is exceeded, the Group will be required to pay top up tax on profits of its subsidiaries that are taxed at an effective tax rate of less than 15 per cent. With nearly all subsidiaries expected to be eligible for the Transitional (Country-by-Country Reporting) Safe Harbours, which have been included in the Belgian law in line with the OECD guidance released on 20 December 2022, the main jurisdiction(s) in which exposures to top up tax may exist is Belgium. Based on the quantitative analysis performed on the basis of the profits and tax expense determined as part of the preparation of the group\u2019s consolidated financial statements, considering certain adjustments that would have been required applying the legislation, no material impact is to be expected on the group effective tax rate.IFRS accounting standards issued but not yet effective as of 2023Standards issued but not yet effectiveThe standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these standards and interpretations, if applicable, when they become effective.\u2022 Amendments to IFRS 16 \u2018Leases\u2019: Lease Liability in a Sale and Leaseback, effective 1 January 20241\u2022 Amendments to IAS 1 \u2018Presentation of Financial Statements: Classification of Liabilities as current or non-current\u2019, effective 1 January 2024\u2022 Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 17 \u2018Financial Instruments: Disclosures\u2019: Supplier Finance Arrangements, effective 1 January 2024\u2022 Amendments to IAS 21 \u2018The Effects of Changes in Foreign 1Exchange Rates: Lack of Exchangeability\u2019, effective 1 January 2025 None of the IFRS standards issued, but not yet effective are expected to have a material impact on Barco\u2019s financials.(1) Not yet endorsed by the European Union as at 31 December 2023.Critical accounting judgments and key sources of estimation uncertaintyGeneral business risksOver the year 2023 - 2021 the macroeconomic conditions have been affecting businesses all over the world \u2013 Barco included.We refer to the chapter \u2018Risk factors\u2019 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\u2019s 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\u2019s behavior and demand is making the same evolution.Deep dive on the impact and consequences of the macroeconomic environment in 2023The start of 2023 was characterized by an economic recovery, after the covid-19 pandemic ended in the course of 2022 in most geographies. The main exception was China, where local lockdowns continued to affect society and business operations during the first quarter of 2023, and recovery from the pandemic did not follow as expected after that. From the second quarter onwards, market conditions deteriorated in many geographies, as a result of geopolitical and macro-economic challenges that affected businesses all over the world, including Barco.The main ones were:\u2022 The supply chain constraints as seen in 2021 and 2022 eased and the impact from shortages and delayed deliveries of components, higher broker costs and higher transport costs faded. In the aftermath of these supply chain constraints and in order to guarantee continuous supply, many distributors and channel partners held higher than usual inventories of finished products, which they progressively reduced during the year. This has impacted the global demand and order levels in many markets. \u2022 Interest rates increased globally. The cost for financing large customer projects increased and this has led to delays in orders and implementation timelines of large customer projects. \u2022 The very high inflation rates as seen in 2022 in most geog-raphies have reduced but remained considerably higher than the historic average of previous years and decades.\u2022 Remaining pandemic-related measures and effects in China, during the first quarter of 2023. The economic aftermath of the pandemic in China was felt throughout the full year with lower economic activity in all sectors, especially those linked to local government funding, including the healthcare and entertainment markets. \u2022 Scarcity of human resources and talent, especially for tech-nical profiles, remained a challenge in 2023.ApproachIn this section, Barco addresses its risk mitigation plan related to the main 2023 macroeconomic impacts.Operations and supply chainIn the second half of 2022, supply chain constraints and component shortages have eased considerably, and the exceptional price increases for energy, logistics and scarce components, as seen in 2021 and 2022, were no longer wit-nessed in 2023. Nevertheless, the base inflation rate remained higher than usual, impacting salary costs and many other direct and indi-rect spend categories. Barco has addressed these challenges by intense collaboration with all suppliers. Furthermore, flexible value engineering and redesign of products have been a sig-nificant mitigating factor and will continue to be. For certain components and subassemblies, inventory levels have been increased to lower the risk of shortages or in anticipation of price increases. Coping with inflation and high commodity pricesThe aftermath of the pandemic and the changes in macro- economic context have led to higher interest rates and infla-tion, especially in EMEA and Americas. As Barco has relatively low external debt, the direct cost effect of increased interest rates on the financial costs for 2023 is limited.The inflation affects direct and indirect costs such as energy costs, salaries, and component sourcing. All these costs are being critically reviewed and optimized on a constant basis. Inflation effects were passed through where possible.Lifting of pandemic measures in ChinaIn China, the course of the pandemic has followed a different pattern than in other regions, with quicker recovery in 2020 and 2021, but still significant regional lockdowns in 2022 and also the first quarter of 2023, affecting the business operations and the customer demand. In Barco\u2019s Chinese locations, the hygienic safety measures (social distancing, ventilation, masks, homework policies) were lifted as late as the first quarter of 2023.Retaining and attracting talentThe 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 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 labor cost inflation effect on our products where possible to reflect this increased cost base.Strong funding and liquidity structure in placeBarco has a strong balance sheet and ample liquidity. We refer to note 14 for more details on Barco\u2019s 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\u2019s 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 on goodwill need to be recognized.Key sources of estimation uncertainty\u2022 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 \u2018Deferred tax assets \u2013 deferred tax liabilities\u2019) and local tax laws enacted at the reporting date.\u2022 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 \u2018 Deferred tax assets \u2013 deferred tax liabilities\u2019).\u2022 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.\u2019Goodwill\u2019). The outcome of the goodwill impairment test performed in the last quarter of 2023, did not result in an impairment loss.\u2022 Write offs on inventories: Inventories are stated at the lower of cost or net realizable value. The calculation of the allowance 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 uncertainty due to rapid technological changes. On top of the minimum rules, more severe rules are applied in case of for example the deci-sion to stop a business unit or product 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).Defined benefit obligationsThe 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.Notes to the consolidated financial statements1. Consolidated companies1.1 List of consolidated companies on 31 December 2023Country of Incorporation Legal Entity Registered Office %Europe, Middle East and AfricaBelgium Barco Coordination Center NV Beneluxpark 21, 8500 Kortrijk BELGIUM 100Belgium Barco Integrated Solutions NV Beneluxpark 21, 8500 Kortrijk BELGIUM 100Belgium Cinionic bv Beneluxpark 21, 8500 Kortrijk BELGIUM 100Belgium Barco Solutions BV Beneluxpark 21, 8500 Kortrijk BELGIUM 70France Barco SAS 177 avenue Georges Cl\u00e9menceau, Immeuble \u201cLe Plein Ouest\u201d, 92000 Nanterre FRANCE 100Germany Barco Control Rooms GmbH Greschbachstrasse 5 a, 76229 Karlsruhe GERMANY 100Germany Barco GmbH Greschbachstrasse 5 a, 76229 Karlsruhe GERMANY 100Italy Barco S.r.l. Via Lorenteggio 270A , 20152 Milano ITALY 100Italy FIMI S.r.l. Via Vittor Pisani 6, 20124 Milano ITALY 100Netherlands Barco B.V. Zuidplein 126, WTC Tower H, Floor 15, 1077XV Amsterdam NETHERLANDS 100Norway Barco Fredrikstad AS Mosseveien 63, 1610 Fredrikstad NORWAY 100Poland Barco Sp. z o.o. Annopol 17, 03-236 Warsaw POLAND 100Russia Barco Services OOO Office 17/2, Building 1, Zvezdny Boulevard, 129085 Moscow RUSSIAN FEDERATION 100Saudi Arabia Barco Integrated Saudi for Business Services LLC Ibn street 3855, West Umm Al Hamam Dist, 12328 Riyadh SAUDI ARABIA 100Spain Barco Electronic Systems, S.A. Travessera de les Corts 241, Entlo. 3a, 08028 Barcelona SPAIN 100Sweden Barco Sverige AB Kyrkv\u00e4gen 1, 192 72 Sollentuna SWEDEN 100Sweden Barco Solutions Sweden AB c/o Grant Thornton, Box 2230, 403 14 G\u00f6teborg SWEDEN 100Sweden Dermicus AB Kungsgatan 4, 411 19 G\u00f6teborg SWEDEN 70Turkey Barco Elektronik Sistemleri San.Tic. A.\u015e FSM Mah. Poligon cad. no: 8C, Buyaka2 Sitesi Kule-3 daire no: 35, 34771 Umraniye \u0130stanbul TURKEY 100United Arab Emirates* Barco Middle East L.L.C. Concord Tower, Suite 1212, PO Box 487786, Dubai Media City, Dubai UNITED ARAB EMIRATES 49United Kingdom Barco Ltd. Building 329, Doncastle Road, RG12 8PE Bracknell, Berkshire UNITED KINGDOM 100United Kingdom Gnosco Dermicus Limited 24 Old Queen Street, SW1H 9HP London UNITED KINGDOM 70(*) Barco has control over the relevant activities of the entity by virtue of a contractual agreement with the local investor.Country of Incorporation Legal Entity Registered Office %AmericasBrazil Barco Ltda. Av. Ibirapuera, 2332, 8\u00b0 andar, conj 82, Torre II, Moema, 04028-002 S\u00e3o Paulo BRAZIL 100Canada MTT Innovation Incorporated Suite 2400, 745 Thurlow Street, V6E 0C5 Vancouver, BC CANADA 100Colombia Barco Colombia SAS Carrera 15, n\u00b0 88-64, Torre Zimma Oficina 610, 110221 Bogota COLOMBIA 100Mexico Barco Visual Solutions S.A. de C.V. Mariano Escobedo No. 476 Piso 10 Col. Anzures, C.P. 11590 D.F. M\u00e9xico MEXICO 100Mexico Cinionic Mexico S.A. de C.V. Artemio del Valle Arizpe 16, 2ndo piso, Col del Valle, CP 03100 New Mexico city (CDMX) MEXICO 100United States** Barco, Inc. 1209 Orange Street, 19801 Wilmington DE UNITED STATES 100Asia-PacificAustralia Barco Systems Pty. Ltd. 2 Rocklea Drive, VIC 3207 Port Melbourne AUSTRALIA 100Australia Cinionic Pty. Ltd. C/- Accru Melbourne Pty Ltd. 50 Camberwell Road, VIC 3123 Hawthorn East AUSTRALIA 100China Barco Trading (Shanghai) Co., Ltd. Room 702, No. 138, Fenyang Road, 200031 Shanghai CHINA 100China Barco Visual (Beijing) Electronics Co., Ltd. No. 16 Changsheng Road, Zhong Guan Cun Science Park, Chang Ping District, 102200 Beijing CHINA 100China Barco China Electronic Visualization Technology (Nanjing) Co., Ltd. No. 1, Hengtong Road Nanjing development zone, 210038 Nanjing, Jiangsu CHINA 100China Barco (Suzhou) Healthcare Technology Co., Ltd. No. 111, Sutong Road, Suzhou Industrial Park, 215021 Suzhou CHINA 100China Barco (Wuxi) Technology Co., Ltd. B312-109, No. 3, Fengwei Road, Huizhi Enterprise Center, Xishan development zone, 214101 Wuxi CHINA 100Hong Kong Barco Ltd. Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, Kwun Tong, Kowloon HONG KONG 100Hong Kong Barco Visual Electronics Co., Ltd. Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, Kwun Tong, Kowloon HONG KONG 100Hong Kong Barco China (Holding) Ltd. Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, Kwun Tong, Kowloon HONG KONG 100Hong Kong Cinionic Ltd. Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, Kwun Tong, Kowloon HONG KONG 80India 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 100Japan Barco Co., Ltd. Yamato International Bldg 8F, 5-1-1 Heiwajima, Ota-ku, 143-0006 Tokyo JAPAN 100Malaysia Barco Sdn. Bhd. No. 13A, Jalan SS21/56B, Damansara Utama, 47400 Petaling Jaya, Selangor MALAYSIA 100Singapore Barco Singapore Private Limited 100G Pasir Panjang Road Interlocal Center, 118523 Singapore SINGAPORE 100South Korea Barco Korea Ltd. 1F. & 3F., DS Tower, 72-13 (GwanYang-Dong), BoelMal-Ro, DongAn-Gu, GyeongGi-Do, 14058 AnYang-si KOREA, REPUBLIC OF 100Taiwan Barco Ltd. 33F., No. 16, Xinzhan Rd., Banqiao Dist., 220 New Taipei City TAIWAN, PROVINCE OF CHINA 100(**) As per 31/12/2023 Cinionc Inc has merged into Barco Inc.1.2 List of equity accounted companies on 31 December 2023Country of Incorporation Legal Entity Registered Office %AmericasUnited States CCO Barco Airport Venture LLC Corporation Trust Center, 1209 Orange Street, 19801 Wilmington (DE) UNITED STATES 35Asia-PacificChina CFG Barco (Beijing) Electronics Co., Ltd. No. 16 Changsheng Road, Zhong Guan Cun Science Park, Chang Ping District, 102200 Beijing CHINA 49Exemption of publishing financial statements and management report according German legislation \u00a7264 Abs. 3 HGB:Following subsidiary-companies will be released of publishing their financial statements and management report 2023:\u2022 Barco GmbH\u2022 Barco Control Rooms GmbHThese companies are included in the consolidation scope of Barco Consolidated 2023 as listed above.1.3 Acquisitions and divestments2023Barco did not close any acquisition or divestment agreements in 2023.2022Acquisition of Gnosco ABIn order to advance its growth initiative Demetra, Barco signed a joint venture agreement with the Swedish company Gnosco stAB on July 1, 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 and 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 theEBITDA 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.Assets and Liabilities Gnosco ABIn thousands of euro 1 July 2022Fair value IFRS Opening B/SrestatementsOpening B/SCapitalized development 354 -354 -Know-how - 7,607 7,607Deferred tax assets - 73 73Total non-current assets 354 7,326 7,680Trade receivables 29 - 29Other current assets 12 - 12Total current assets 40 - 40LT loan -172 - -172Deferred tax liability - -1,567 -1,567Total non-current liabilities -172 -1,567 -1,739Other current liabilities -170 - -170Total current liabilities -170 - -170Cash 237 - 237Total net assets 289 5,759 6,048Upfront consideration - - 4,000Total acquisition cost (excl. net cash) - - 4,000Financial liabilities related to puttable non-controlling interest - - 2,048Cash flow on acquisition 1 July 2022Net cash acquired with the subsidiary 237Cash paid -4,000Net cash flow on acquisition -3,763The 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 Group2021Barco did not close any acquisition or divestment agreements in 2021.2. Operating Segments information2.1. Basis of operating segments informationBarco is a global technology company developing solutions for three main markets, which is also reflected in its divisional structure: Healthcare, Enterprise and Entertainment.\u2022 Healthcare: The Healthcare division comprises two business 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 operating rooms) and require the same go-to- market strategy. The offering of this business unit includes the company\u2019s digital operating room portfolio (hardware + video-over-IP-technology), custom medical displays for modality imaging and a full suite of support services.\u2022 Enterprise: The Enterprise division comprises two business units: - Meeting Experience offers collaboration and visualization technologies for a smart workplace: ClickShare wireless conference and presentation systems, 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.\u2022 Entertainment: The Entertainment division comprises two business units: - Cinema offers the industry\u2019s most complete range of laser-based cinema projectors, including image processing, audio and service delivery to theaters and moviegoers. - 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.Transfer prices between operating segments are on an arm\u2019s length basis in a manner similar to transactions with third parties.We refer to \u2018Our markets\u2019 for more explanation on the activities performed by each division.2.2. HealthcareIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 285,892 100.0% 341,701 100% 261,486 100% -16.3% 30.7%Cost of goods sold -182,946 -64.0% -225,340 -65.9% -174,294 -66.7% -18.8% 29.3%Gross profit 102,946 36.0% 116,361 34.1% 87,192 33.3% -11.5% 33.5%EBITDA 27,797 9.7% 38,354 11.2% 22,399 8.6% -27.5% 71.2%Depreciation TFA and (acquired) intangibles 14,248 5.0% 11,176 3.3% 11,775 4.5% 27.5% -5.1%Adjusted EBIT 13,549 4.7% 27,179 8.0% 10,624 4.1% -50.1% 155.8%Capital expenditures TFA and software 14,611 5.1% 6,193 1.8% 12,271 4.7% 135.9% -49.5%Segment assets 180,253 193,103 141,127Segment liabilities 62,101 74,717 59,882Sales for Healthcare were impacted by channel inventories above normal levels, following a surge in customer orders at the end of 2022, and the phasing-out of an unusually large contract that ended at year-end 2022, while the phasing-in of orders under confirmed new contracts for new platforms from the end of 2023 onwards, in Surgical & Modality, leading to a sales decline of 16% in 2023 after a year of 31% growth. The gross profit margin for Healthcare increased to 36.0%, versus 34.1% one year earlier. This reflects a favorable product mix with proportionally more (embedded) software products, partially offset by temporary transfer and costs associated with ramping up the new factory. Although indirect spend-ing increased less than the general inflation rate, operating deleverage on the lower topline resulted in an EBITDA margin of 9.7%, a decline of 1.5 ppts versus last year.Decrease in segment assets in 2023 are mainly the result of lower trade receivables in line with the lower topline.Total capital expenditure over 2021-2023 include facility and production investments in Suzhou for a total amount of 15 million euro. In 2023 increase in capital expenditure is an extra investment in the production in Suzhou. We refer to 'Our results' and 'Risk management and control processes' for more explanation.2.3. EnterpriseIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 303,761 100.0% 317,250 100% 233,090 100% -4.3% 36.1%Cost of goods sold -140,816 -46.4% -144,922 -45.7% -124,529 -53.4% -2.8% 16.4%Gross profit 162,945 53.6% 172,328 54.3% 108,561 46.6% -5.4% 58.7%EBITDA 56,934 18.7% 60,609 19.1% 14,645 6.3% -6.1% 313.9%Depreciation TFA and (acquired) intangibles 8,405 2.8% 8,601 2.7% 9,408 4.0% -2.3% -8.6%Adjusted EBIT 48,529 16.0% 52,009 16.4% 5,237 2.2% -6.7% 893.0%Capital expenditures TFA and software 2,904 1.0% 4,015 1.3% 2,706 1.2% -27.7% 48.4%Interest in associates 13,251 13,443 9,557Segment assets 216,087 195,912 202,365Segment liabilities 60,421 75,144 81,053The Enterprise division saw a strong topline growth over 2022, resulting in a year-over-year increase in sales of 36.1% led by Meeting Experience, driven by a global return-to-the-office wave. In 2023, Enterprise sales were 4% lower than 2022 as the division experienced difficult market conditions with companies delaying investments as they reconsidered their flexible office and meeting room requirements, impacting sales in Meeting Experience. Sales in Large Video Walls started soft at the begin-ning of the year, but improved through the second half.Enterprise delivered an EBITDA margin, close to last year, of 18.7%. The announced strategy revisit in Large Video Walls started to yield results as of the second half year leading to a positive EBITDA result, largely offsetting the first half year\u2019s EBITDA loss, The more difficult market conditions and lower sales in 2023, led to a less favorable product mix impact com-pared to last year. Segment assets increased in 2023 with 20 million euro, mainly the result of higher trade receivables due to end of year sales spike and longer payment terms granted, mainly in EMEA and APAC.We refer to 'Our results' and 'Risk management and control processes' for more explanation.2.4. EntertainmentIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 460,484 100.0% 399,339 100% 309,712 100% 15.3% 28.9%Cost of goods sold -287,851 -62.5% -275,276 -68.9% -217,980 -70.4% 4.6% 26.3%Gross profit 172,633 37.5% 124,063 31.1% 91,732 29.6% 39.1% 35.2%EBITDA 57,765 12.5% 27,510 6.9% 21,465 6.9% 110.0% 28.2%Depreciation TFA and (acquired) intangibles 17,737 3.9% 16,555 4.1% 17,953 5.8% 7.1% -7.8%Adjusted EBIT 40,028 8.7% 10,955 2.7% 3,512 1.1% 265.4% 211.9%Capital expenditures TFA and software 36,893 8.0% 8,002 2.0% 3,810 1.2% 361.0% 110.0%Interest in associates 15,841 13,723 11,316Segment assets 303,049 288,556 226,584Segment liabilities 126,886 140,825 144,702The Entertainment division delivered consecutive double-digit sales growth of 15% and 29% respectively in 2023 and 2022. Cinema built further on the strong momentum started in the second half of 2022 and driven by the renewal wave of lamp-to-laser technology, offering superior image quality to viewers and a lower total cost of ownership for cinema operators, while Immersive Experience recorded the highest sales year so far, for the second year in a row, fueled by simulation, image processing and projectors for fixed installations.The high sales growth in Entertainment was despite a weak performance in China where demand has not yet recovered from the pandemic.With supply chain challenges resolved and on the strength of a more favorable product mix, with more (embedded) software and services revenues, the gross profit margin for Entertainment grew to an all-time high of 37.5%, up 6.4 per-centage points versus last year. Operating leverage on the double-digit topline growth resulted in an EBITDA margin for the division that jumped from 6.9% in 2022 to 12.5% in 2023. Increase in segment assets in 2023 are mainly the result of additional capex investments for cinema-as-a-service (2023: 24 million euro; 2022:3 million euro). The increase in 2022 was 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.2.5. Reconciliation of segment information with group informationIn thousands of euro 2023 2022 2021External salesHealthcare 285,892 341,701 261,486 At a point in time revenues 281,657 99% 337,983 99% 257,466 98% Over time revenues 4,234 1% 3,718 1% 4,020 2%Enterprise 303,761 317,250 233,090 At a point in time revenues 213,117 70% 232,932 73% 161,093 69% Over time revenues 90,644 30% 84,319 27% 71,996 31%Entertainment 460,484 399,339 309,712 At a point in time revenues 409,375 89% 364,830 91% 276,981 89% Over time revenues 51,108 11% 34,509 9% 32,731 11%Total external sales segments 1,050,137 1,058,291 804,288 At a point in time revenues 904,151 86% 935,745 88% 695,541 86% Over time revenues 145,987 14% 122,546 12% 108,747 14%Net IncomeEBITDA Healthcare 27,797 38,354 22,399 Enterprise 56,934 60,609 14,645 Entertainment 57,765 27,510 21,465Depreciation and other amortizations Healthcare 14,248 11,176 11,775 Enterprise 8,405 8,601 9,408 Entertainment 17,737 16,555 17,953Adjusted EBIT Healthcare 13,549 27,179 10,624 Enterprise 48,529 52,009 5,237 Entertainment 40,028 10,955 3,512Total adjusted EBIT 102,106 90,143 19,373In thousands of euro 2023 2022 2021Restructuring and impairments -10,811 -2,500 -6,420EBIT 91,295 87,643 12,953Interest income (expense) - net 4,684 843 -1,110Income/(loss) before taxes 95,979 88,486 11,843Income taxes -17,276 -15,927 -2,132Result after taxes 78,703 72,559 9,711Share in the result of joint ventures and associates 2,539 3,337 48Net income 81,242 75,896 9,759Net income attributable to non-controlling interest 1,074 677 878Net Income attributable to 80,168 75,219 8,881the equity holder of the parentThe total over time revenues relate for 48% to project sales mainly in the Enterprise division and for 52% to recurring ser-vice revenues generated on maintenance and lease contracts mainly in Entertainment and Enterprise.The increase in overtime revenue is mainly coming from cine-ma-as-a-service amounting to 9.3 million euro, from additional maintenance contracts, mainly in Cinema and more projects sold in Enterprise.In thousands of euro 2023 2022 2021AssetsSegment assets Healthcare 180,253 193,103 141,127 Enterprise 216,087 195,912 202,365 Entertainment 303,049 288,556 226,584Total segment assets 699,389 677, 572 570,076Deferred tax assets 57,040 55,239 64,155Short term investments 4,670 1,651 2,763Cash and cash equivalents 286,077 305,915 351,571Other non-allocated assets 112,239 107,028 115,684Total assets 1,159,415 1,147,405 1,104,249In thousands of euro 2023 2022 2021LiabilitiesSegment liabilities Healthcare 62,101 74,717 59,882 Enterprise 60,421 75,144 81,053 Entertainment 126,886 140,825 144,702Total segment liabilities249,408 290,687285,637Equity attributable to equityholders of the parent 795,334 759,189 693,783Non-controlling interest 15,961 19,792 41,031Long-term debts 32,217 32,335 34,366Deferred tax liabilities 3,576 3,229 3,823Current portion of long-term debts 12,288 11,217 10,218Short-term debts 5,095 - -Other non-allocated liabilities 45,536 30,957 35,390Total equity and liabilities 1,159,415 1,147,405 1,104,2492.6. Geographic informationManagement 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 and Middle-East and Africa (EMEA), Americas (North-America and LATAM) and Asia-Pacific (APAC). There is no significant (i.e. representing more than 10% of the Group\u2019s revenue) concentration of Barco\u2019s revenues with one customer. Sales to Belgium represent 16 million euro of the Group revenues in 2023 versus 42 million euro in 2022 and 21 million in 2021. The table on the right gives an overview of the sales and assets per region and the most important capital expenditures in non-current assets per region.EMEA and Americas contributed both 40% of total 2023 sales. EMEA sales grew while the Americas sales were lower mostly driven by Healthcare. The smaller contribution of APAC in 2023 compared to last year, was driven by weak sales in China in Entertainment and Healthcare. We refer to the \u2018Comments on the group results\u2019 for a split of revenue from external customers based on the geographical location of the customers to whom the invoice is issued.In thousands of euro 2023 2022 2021Net salesEMEA420,564 40.0% 405,190 38.3% 305,199 37.9%Americas420,077 40.0% 435,793 41.2% 300,826 37.4%Asia-Pacific209,496 20.0% 217,308 20.5% 198,262 24.7%Total1,050,137 100% 1,058,291 100% 804,288 100%Total assetsEMEA 498,129 42.9% 515,349 44.9% 557,571 50.5%Americas 294,178 25.4% 266,778 23.3% 180,303 16.3%Asia-Pacific 367,108 31.7% 365,277 31.8% 366,375 33.2%Total 1,159,415 100% 1,147,405 100% 1,104,249 100%Purchases of tangible and intangible fixed assets*EMEA 13,202 24.2% 10,037 47.3% 8,186 43.6%Americas 24,084 44.3% 3,763 17.7% 1,223 6.5%Asia-Pacific 17,122 31.5% 7,418 35.0% 9,379 49.9%Total 54,408 100% 21,218 100% 18,787 100%(*) As included in the consolidated statement of cash flow.3. Income from operations (EBIT)In thousands of euro 2023 2022 2021Sales 1,050,137 1,058,291 804,288Cost of goods sold -611,614 -645,538 -516,803Gross profit 438,523 412,753 287,485Gross profit as % of sales 41.8% 39.0% 35.7%Indirect costs -338,121 -320,947 -265,437Other operating income (expenses) - net 1,704 -1,663 -2,676Adjusted EBIT 102,106 90,143 19,373Adjusted EBIT as % of sales 9.7% 8.5% 2.4%Restructuring and impairments -10,811 -2,500 -6,420EBIT 91,295 87,643 12,953EBIT as % of sales 8.7% 8.3% 1.6%2023 sales amounted to 1,050.1 million euro, in line with last year. Double digit growth in Entertainment, mainly driven by cinema, was offset by a small decline in Enterprise and a more pronounced decline in Healthcare. While sales grew 4% in EMEA, sales were 4% lower year-over-year in the Americas. EMEA and Americas contributed both 40% of the 2023 topline. Within the APAC region, there was a clear contrast between lower sales in China and double-digit growth in the other countries, resulting in a net decline of 4%. In 2022 topline increased 32% compared to 2021, close to the pre-pandemic 2019 level. All regions, except for China were 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. In 2021 topline was impacted by prolonged pandemic induced restrictions and component shortages, which caused delays in converting orders to sales.The gross profit margin improved 2.8 ppts year-over-year to 41.8% as a result of a more favorable product mix with more (embedded) software across all product lines and the absence of the high costs for brokerage and logistics that were experi-enced in 2022 due to the supply chain constraints. The biggest step-up in gross profit margin was in Entertainment, where the supply chain constraints that hampered the business in 2022 were no longer present this year. Adjusted EBIT margin reached 9.7% in 2023, up 1.2 percentage points versus 2022 and up 7.3 points versus 2021, reflecting the strong improvement in gross profit margin. Indirect costs in 2023 increased 5% to 338.1 million euro (32.2% of sales; 2022: 30.3%, 2021: 33%), driven by continued high levels of inflation, partially offset by cost control in all indirect spend categories, while further investing in visualization and collaboration technologies, product roadmap, and go to mar-ket investments in Entertainment.In 2023, EBIT includes restructuring and impairment costs for an amount of 10.8 million euro versus 2.5 million euro the year before, including 9.5 million euro lay-off costs and 1.3 million euro impairments. The lay-off costs were linked to the Large Video Walls strategy revisit, as well as several other organizational cost efficiencies. 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 differ-ent countries and functions. For more details on adjusting items we refer to note 5. Restructuring and impairment.In thousands of euro Note 2023 2022 2021Adjusted EBIT 102,106 90,143 19,373Depreciations and amortizations940,390 36,331 39,136EBITDA 142,496 126,474 58,509EBITDA as % of sales 13.6% 12.0% 7.3%The significant increase in gross profit, which was partially offset by higher indirect expenses resulted in an EBITDA of 142.5 mil-lion euro, 13% higher than the EBITDA of 126.5 million euro for 2022. The EBITDA margin grew to 13.6% versus 12.0% in 2022.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 versus last year), compared to an EBITDA margin of 7.3% in 2021. In 2023 depreciations are 4 million higher than in 2022, explained by higher depreciations from cinema-as-a-service. See note 9. Other intangible and tangible fixed assets.In 2022 depreciations and amortizations are 2.8 million lower than in 2021, explained by fully amortized software and acquired know how in 2022.In thousands of euro 2023 2022 2021Product sales 867,612 82% 882,052 83% 663,034 83%Project sales 82,238 8% 73,920 7% 65,487 8%EU taxonomy - eligible turnover 949,850 955,972 728,521Service sales 100,287 10% 102,318 10% 75,767 9%Sales 1,050,137 1,058,291 804,288 Major part of the sales relates to product sales (in 2023: 82%, in 2022: 83%, in 2021: 83%). Project sales remains stable at 7-8% of total sales over the period 2021-2023 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 2023 is 10% of total sales (2022: 10%, 2021: 9%).We refer to note 2 'Segment Information' and to the chapter \u2018Our results\u2019 for more explanation on sales and income from operations.We refer to the note on EU taxonomy for the Company\u2019s EU taxonomy eligible turnover in 2023.Indirect costs and other operating income (expenses) - netIn thousands of euro 2023 2022 2021Research and development expenses (a) -132,282 -120,493 -101,338Sales and marketing expenses (b) -145,891 -142,740 -116,240General and administration expenses (c) -59,948 -57,714 -47,858Indirect costs -338,121 -320,947 -265,437Indirect costs as % of sales 32.2% 30.3% 33.0%Other operating income (expenses) - net (d) 1,704 -1,663 -2,676Indirect costs and other operating income (expenses) - net -336,417 -322,610 -268,112Indirect costs in 2023 increased 5% to 338.1 million euro (32.2% of sales; 2022: 30.3%, 2021: 33%), driven by continued high levels of inflation (as of 2022), partially offset by cost control in all indirect spend categories, while further investing in visu-alization and collaboration technologies, product roadmap, and go-to-market investments in Entertainment.In 2021 indirect costs in absolute numbers were substantially lower than in 2023 and 2022 because of extended cost con-tainment measures such as implemented temporary work arrangements and economic unemployment measures for both white and blue collars, which were put in place to miti-gate the negative impact of the pandemic on the company\u2019s topline, which was higher than the reduction in indirect costs could compensate for. Impact of inflation and merit in the Company kicks in as of the second half of the year. 2023 indirect costs therefore include the impact of the higher inflation in 2022 as of the second half year of 2022, while the higher inflation in 2023 is included as of the second half year of 2023.(a) Research and development expensesResearch and development activities are spread over the divisions as follows:In thousands of euro 2023 % of sales 2022 % of sales 2021 % of salesTotal research & development expenses132,282 12.6% 120,493 11.4% 101,338 12.6%In 2023 research and development expenses represent 12.6% of sales (11.4% in 2022, 12.6% in 2021). In absolute numbers research and development expenses have increased 12 million euro, a result of continued high inflation, while further investing in the Company\u2019s product roadmap to sustain and extend the Company\u2019s technology leadership position. In 2021, the lower absolute level of research and development expenses was the result of cost containment measures taken as response to the covid crisis. 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 for the EU tax-onomy eligible opex in 2023. (b) Sales and marketing expensesIn thousands of euro 2023 % of sales 2022 % of sales 2021 % of salesSales and marketing expenses145,891 13.9% 142,740 13.5% 116,240 14.5%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 2023 are 13.9% of sales compared to 13.5% in 2022 and 14.5% in 2021. The absolute increase in 2023 is the result of inflation, partially offset by cost containment actions and go-to-market investments in Entertainment. In 2021, the lower absolute level of research and developmentexpenses was the result of cost containment measures takenas response to the covid crisis. (c) General and administration expensesIn thousands of euro 2023 % of sales 2022 % of sales 2021 % of salesGeneral and administration expenses59,948 5.7% 57,714 5.5% 47,858 6.0%General and administrative expenses in 2023 are at 5.7% of sales, as a result of higher inflation partially offset by cost containment actions. In 2022, in absolute numbers expenses increased with almost 10 million euro, due to the impact of the inflation 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 expenses were lower due to 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 (2023: 43%, 2022: 42%, 2021: 47%).(d) Other operating income (expense) \u2013 netIn thousands of euro 2023 2022 2021Share in the result of BarcoCFG (a) 3,053 2,764 3,028Bad debt provisions (net of write-offs and reversals of write-offs) 297 -243 448Cost of share-based payments (b) -2,230 -1,548 -3,067Exchange losses (c) -2,262 -672 -63Other provisions (net of additions and reversals of provisions) (d) 896 72 -1,059Bank charges -956 -1,139 -778Customer financial discounts -802 -1,230 -571Gains/(Loss) on disposal of tangible fixed assets 4,725 1,670 1,824Other (net) -1,017 -1,337 -2,438Other operating income (expense) 1,704 -1,663 -2,676(a) The 49% share in the net result of BarcoCFG is represented in EBITDA. See note 11. (b) We refer to note 16. Equity attributable to equity holders of the parent \u2013 2. Share based payments.(c) Higher exchange loss in 2023 is caused by less favorable USD impact than in 2022.(d) We refer to note 19. Provisions.4. Revenues and expenses by natureThe table below provides information on the major items contributing to the adjusted EBIT, categorized by nature.In thousands of euro 2023 2022 2021Sales1,050,137 1,058,291 804,288Material cost-498,854 -47% -534,317 -50% -430,858 -54%Services and other costs-105,038 -10% -106,529 -10% -70,942 -9%Personnel cost (a)-305,452 -29% -289,308 -27% -241,303 -30%Depreciation property, plant, equipment and software-40,390 -4% -36,331 -3% -39,136 -5%Other operating income (expense) - net (note 3)1,704 0% -1,663 0% -2,676 0%Adjusted EBIT102,106 10% 90,143 9% 19,373 2%Material costs in 2023 is 7% lower than 2022, while topline remained at the same level as 2022, as a result of the absence of the exceptionally high costs for brokerage and logistics that were experienced in 2022 and 2021 due to supply chain constraints and a more favorable product mix with more (embedded) software. As the material cost decreased and the topline remained in line, we see an improvement of the direct gross margin in absolute numbers and relative of 3 percentage points com-pared to last year. Personnel cost in 2023 is 6% higher than 2022, while 2022 was 20% higher than 2021, a result of increased headcount and continued high inflation.Personnel cost in 2021 included temporary measures and exe-cuted lay-offs to align costs with lower demand caused by the impact of the pandemic on the Company\u2019s markets. The com-pany therefore implemented temporary work arrangements and economic unemployment measures for both white and blue collars, in conformity with country specific legal frame-works, support mechanisms and regulations. In 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,\u2026 ). The company made deliberate choices on the continuation and timetable of selected devel-opment projects and adjusted internal and external support levels in function of the focus shift. These measures are no longer in place as of 2022 and explain part of the increase in services and other costs, together with higher inflation and contractors hired to fill temporary gaps mainly in 2022. In 2023, the continued higher inflation was offset by strict discipline on discretionary spending. a) Personnel costIn thousands of euro 2023 2022 2021Wages and salaries -250,641 -237,564 -194,851Social security contributions -30,300 -27,709 -26,642Pension expense for defined benefit plans -13,461 -12,859 -12,554Temporary labour -3,285 -4,004 -1,661Recruiting expenses -1,869 -2,264 -1,294Other personnel cost -5,896 -4,908 -4,301Personnel cost -305,452 -289,308 -241,303Personnel cost includes the cost for temporary personnel for an amount of 3.3 million euro (in 2022: 4 million euro, in 2021: 1.7 million euro). The average number of full time equivalents can be split as follows:2023 2022 2021Barco NV (parent company) 1,277 1,196 1,199Other subsidiaries 2,095 2,004 1,941Total average number of full time equivalents 3,372 3,200 3,140Average number of employees in 2023 was 3,372 (versus 3,200 in 2022, 3,140 in 2021), including 2,760 white-collars (in 2022 2,628, in 2021: 2,555) and 612 blue-collars (in 2022: 572, in 2021: 585). The average level of blue-collars in 2022 is impacted by component shortages which resulted in tempo-rary unemployment, mainly in the first half of the year. In 2023, the number of blue collars in Belgium are back at normalized level and increased in China in the new production plants. Increase white collars is mainly in the Entertainment division.Full time equivalents at year end 2023 amount to 3370 (versus 3,299 end of 2022, 3,133 end of 2021), including 2,752 white collars (2022: 2,724, 2021: 2,568) and 618 blue collars (in 2022: 575, in 2021: 565).In 2021 temporary measures were extended for a limited period, during the first half year only, in conformity with coun-try specific 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 replace-ments of those positions, which mainly occurred in the second half of 2022. This explains the higher number of fulltime equiv-alents 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. 5. Restructuring and impairment costsThe table below shows the restructuring and impairment costs recognized in the income statement.In thousands of euro Note 2023 2022 2021Restructuring (cash) 19 -9,500 -2,500 -4,920Impairments (non-cash) -1,311 - -1,500Total restructuring and impairments -10,811 -2,500 -6,420Restructuring charges in 2023 include 9.5 million euro lay-off (cash) costs, linked to the strategic review of Large Video Walls and several other organizational cost efficiencies and affected in total 153 employees. Non-cash restructuring costs relate to 1.3 million euro write off on inventories as a result of the strategic decisions taken in Large Video Walls. Barco has completed the strategic review of its Large Video Walls business, as announced in the beginning of 2023, by the middle of the year with the clear objective to return to sustainable profitability by accelerating investments in software product portfolio and optimizing the organization for success. We refer to CORE report - 06. Our markets for more explana-tion on the transformation of Large Video Walls. The restructuring charges linked to Large Video Walls are a result of the strategic decisions on rebalancing the R&D port-folio, to focus on profitable products and markets and to align supporting sales and marketing activities and service model to the focus on software and workflows.At the end of 2022, the Company has recorded 2.5 million euro of restructuring (cash) costs as a result of scaling down activities.In 2021, as a result of the redesign of the organization 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 for-mer leadership team members, accounted for the moment they stopped providing services to the Company. Restructuring cash costs include a provision for severance of 4.4 million euro (2022: 1.7 million, 2021: 0.5 million euro) (see note 19. Provisions). The people impacted have all been notified before the end of 2023. Their last working day and severance pay out will be in the course of 2024. In 2023 6.8 million euro (2022: 1.2 million euro and in 2021: 8.2 million euro) of restructuring was paid (see consolidated statement of cash flow).6. Income taxesIn thousands of euro Note 2023 2022 2021Current versus deferred income taxesCurrent income taxes -19,573 -13,301 -5,333Deferred income taxes 10 2,297 -2,626 3,201Income taxes -17, 276 -15,927 -2,132Income taxes versus income before taxesEBIT 91,295 87,643 12,953Interest income (expense) - net 4,684 843 -1,110Income before taxes 95,979 88,486 11,843Income taxes -17,276 -15,927 -2,132Effective income tax rate % 18.0% 18.0% 18.0%Income before taxes 95,979 88,486 11,843Theoretical tax rate % 25% 25% 25%Theoretical tax credit/(cost) -23,995 -22,122 -2,961Innovation income deduction (IID) 9,098 6,518 5,224Effect of different tax rates in non-Belgian affiliates -902 -523 546Changes in deferred tax on undistributed earnings (a) -4,500 - -Uncertain tax treatment (b) 250 60 280Income not taxed Other income exempt from tax (mainly government grants) 4,298 2,758 1,706Non deductible expenses Dividends received (c) -132 -90 -319 Other non-deductible expenses -1,942 -1,693 -2,038Tax adjustments related to prior periods -14 -773 -165Deferred tax assets, derecognized in current year (d) -1,078 -420 -9,377Set-up/use of deferred tax assets, not recognized in prior years 99 357 533Realized capital gain on investment in affiliates (e) 1,542 - 4,439Taxes related to current income before taxes -17,276 -15,927 -2,132(a) Deferred tax recognized on undistributed earnings of subsidiaries which are expected to be distributed in the foreseeable future.(b) 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.(c) Includes withholding taxes on dividends received and tax impact of intragroup dividends that did not apply for a dividend received exemption regime to their full extent.(d) 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 mainly in Barco NV (Belgium). Reference is made to note 10. (e) Net gain on investments realized in Barco NV exempted from tax. The gain in 2021 related to the liquidation of Barco Taiwan Technology Ltd.7. Earnings per shareIn thousands of euro 2023 2022 2021Net income/(loss) attributable to the equity holder of the parent 80,168 75,219 8,881Weighted average of shares 90,426,432 90,005,918 88,984,041Basic earnings per share 0.89 0.84 0.10Net income/(loss) attributable to the equity holder of the parent 80,168 75,219 8,881Weighted average of shares (diluted) 91,078,011 90,486,263 89,185,100Diluted earnings per share (a) 0.88 0.83 0.10(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 16.8. GoodwillIn thousands of euro 2023 2022 2021At cost 179,775 179,775 179,775Impairment 74,163 74,163 74,163Net book value 105,612 105,612 105,612There are no changes to goodwill over the period 2021-2023 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\u2019s 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\u2019s 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. For 2023 and 2022 the high level of conservatism is again applied to be consistent with prior year testing. In 2021, an appropriate level of conservatism was applied, to take into account covid-19 related uncertainty. Over the past 3 years, the outcome of the impair-ment tests on goodwill impairment tests performed did not result in any impairment loss. See below for explanations on the impairment testing performed.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 seen in the table on the right.The allocation remained the same over 2023, 2022 and 2021. The Group performed its annual impairment test in the fourth quarter of 2023 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 2023, the market capitalization of the Group was almost two 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 9.5% (2022: 10.1%; 2021: 8.7%) and cash flows beyond the five-year period are extrapolated using a conservative growth rate of 0% (2022 and 2021: 0%).Cash-generating units in thousands of euro 2023-2021Healthcare 28,263 Enterprise 41,785 Entertainment 35,564 Total goodwill (net book value) 105,612 The amount by which the unit\u2019s recoverable amount exceeds its carrying amount is 79 million euro (151 million euro in 2022) in Healthcare, 313 million euro in Enterprise (130 million euro in 2022) and 66 million euro in Entertainment (106 million euro in 2022). For Healthcare, the decrease compared to last year is fully explained by the lower 2023 sales level which is the starting point for the impairment exercise at 0% sales growth over the projected period, while having a higher work-ing capital. Lower headroom in Entertainment is explained by the higher carrying amount due to investments for cine-ma-as-a-service and higher working capital while sales level and EBITDA % increased compared to 2022. Even with this high level of conservatism applied, we can conclude that there is no impairment risk.The same level of conservatism is applied to the EBITDA %, where we used the average of the last 2 years (2023-2022), excluding the covid impacted year (2021).A similar approach has been used in the past, where the EBITDA % used was the average of the last 3 years, except for Entertainment where we used the pre-covid EBITDA level of 9.2% in the 2022 goodwill impairment test.Despite the high level of conservatism applied, all three divi-sions have sufficient headroom.A sensitivity analysis is performed on all cash-generating units with respect to the discount rate (see Sensitivity to changes in assumptions \u2013 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 testKey assumptions used in value-in-use calculationsThe calculation of value-in-use for all cash-generating units is most sensitive to the following assumptions:\u2022 Sales growth rate used during the projection period;\u2022 EBITDA; \u2022 Growth rate used to extrapolate cash flows beyond the budget period;\u2022 Discount rate;The assumptions are shown in below table:Healthcare Enterprise EntertainmentSales growth rate used during the projection period 0.0% 0.0% 0.0%EBITDA as % of sales 10.5% 18.9% 9.7%Growth rate estimates 0.0% 0.0% 0.0%Discount rate 9.5% 9.5% 9.5%Sales growth rate used during the projection period \u2013 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 \u2013 EBITDA as percentage of sales is based on average percentages over the two years preceding the start of the budget period for all divisions and has been kept conservatively flat over the projected period.Growth rate estimates \u2013 The long-term rate used to extrapolate the projection has been kept conservatively at zero % for all cash-generating units.Discount rate \u2013 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.Sensitivity to changes in assumptionsPer 31 December 2023, 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 \u2013 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 4%, 15% and 2% would result in an impairment.Discount rates \u2013 Management has considered the possibility of a significant higher weighted average cost to test the sen-sitivity. For none of the cash-generating units this leads to an impairment.Growth rate estimate (beyond the projection period) \u2013 For all divisions, no reasonable possible change in the growth rate, used to extrapolate beyond the projection period, would result in an impairment.9. Other intangible and tangible fixed assets9.1 Other intangible assetsIn thousands of euro 2023 2022 2021Other Intangible Customer Other assets under SoftwareRelations Know-howIntangible Assetsconstruction Total Total TotalAt costOn 1 January 65,998 9,818 47,569 5,200 62 128,646 136,578 134,608Expenditure 1,210 - 177 3 1,870 3,261 3,836 1,230Sales and disposals -547 - -4,450 - - -4,997 -20,094 -3,312Acquisition of subsidiaries - - - - - - 7,607 -Transfers 527 - - - -527 - - -Translation (losses)/gains -92 -97 -517 -20 - -726 719 4,052On 31 December 67,097 9,721 42,779 5,183 1,404 126,185 128,646 136,578Amortizations and impairmentOn 1 January 54,703 9,818 39,928 4,946 - 109,396 119,151 105,655Amortization 5,117 - 2,067 23 - 7,207 10,037 13,095Impairment - - 2,745 - - 2,745 - -Sales and disposals -547 - -4,450 - - -4,997 -20,094 -3,312Transfers - - -10 10 - - - -Translation (losses)/gains -55 -97 -28 -13 - -192 302 3,713On 31 December 59,219 9,721 40,253 4,966 - 114,159 109,396 119,151Carrying amountOn 1 January 11,296 - 7,640 253 62 19,251 17,427 28,952On 31 December 7,879 - 2,526 216 1,404 12,026 19,251 17,427Barco\u2019s intangibles mainly include SAP ERP software and remaining book value of acquired know how. In 2023, capital expenditures for intangible assets amount to 3.3 million euro (2022: 3.8 million euro, 2021: 1.2 million euro). Expenditures in 2023 mainly related mainly related to the implementation of a cloud-based IT platform automa-tion solution, a supplier relationship management tool as well as smaller investments in IT security. Other intangible assets under construction include ongoing projects related to a healthcare complaint handling tool and initial costs related to the planned S4HANA migration.Expenditures in 2022 and 2021 mainly related to new customer relationship management (CRM) software. In 2022, as a result of the Dermicus 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. Disposals in 2023 relate to fully amortized IT software which is no longer used and part of the stake, recorded as fully amortized know-how, transferred to new investors, realizing a gain of 4.6 million euro (see note 3.d other operating income (expense) \u2013 net). Disposals in 2022 and 2021 relate to fully amortized IT software which is no longer used.The group performed its annual impairment review on acquired intangibles in the fourth quarter of 2023 consistently with prior years. Special attention was paid to the potential impacts of the macroeconomic environment. The test con-cluded in an impairment of 2.7 million euro.Barco does not hold intangible assets with indefinite lifetime.9.2. Tangible fixed assetsIn thousands of euro 2023 2022 2021Furniture, Plant, office OtherLand and machinery and equipment property, plant Assets under Total Other buildingsequipmentand vehiclesand equipmentconstructiontangible assets Total Total TotalAt costOn 1 January 132,549 87,566 44,086 13,813 7,238 152,704 285,253 284,317 267,104Expenditure* 6,300 25,195 11,568 1,003 20,426 58,193 64,493 30,020 27,040Sales and disposals -2,104 -1,475 -4,284 -370 - -6,130 -8,233 -28,034 -16,614Transfers -437 3,682 583 43 -3,872 437 - - -Translation (losses)/gains -2,300 -1,905 -484 -331 -550 -3,270 -5,570 -1,050 6,786On 31 December 134,009 113,063 51,470 14,159 23,242 201,934 335,943 285,253 284,317Depreciation and impairmentOn 1 January 62,872 58,751 31,690 9,082 - 99,523 162,395 157,430 143,630Depreciation 10,955 10,818 6,900 1,765 - 19,483 30,438 26,294 26,041Sales and disposals -2,034 -1,330 -4,295 -223 - -5,847 -7,882 -21,137 -15,787Transfers - 75 78 -153 - - - - -Translation (losses)/gains -1,263 -565 -381 -227 - -1,172 -2,436 -191 3,546On 31 December 70,529 67,749 33,993 10,246 - 111,988 182,517 162,396 1 57,430Carrying amountOn 1 January 69,677 28,815 12,396 4,731 7,238 53,181 122,856 126,887 123,474On 31 December 63,479 45,314 17,47 7 3,913 23,242 89,947 153,426 122,856 126,887(*) Expenditures also include the additions for IFRS16.Capital expenditures for tangible assets in 2023, excluding the impact of IFRS16, amount to 51.1 million euro. Major invest-ments in 2023 are related to leasing agreements concluded with cinema customers (2023: 24.5 million euro; 2022: 3 million euro), investment in the new factories in China, both facility and production related (2023: 15 million euro; 2022: 10 million euro; 2021: 8 million euro).Further, capital expenditures include machinery and tooling linked to new product introduction projects (2023: 4 million euro; 2022: 2 million euro; 2021: 2.5 million euro), IT hardware equipment (2023: 2.2 million euro; 2022: 2.5 million euro; 2021: 2.4 million euro) and renewal of demo experience cen-ters (2023: 0.2 million euro; 2022: 2.0 million euro) . The total amount of capital expenditure for tangible assets in 2023 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 \u201cTaxonomy-eligible economic activity - Turnover\u201d. We refer to the note on EU taxonomy.Disposals in 2023 mainly relate to machinery & equipment and furniture, which are no longer in use and fully written down.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 machinery & equipment and furniture, which are no longer in use and fully written down.Disposals in 2021 mainly relate to 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.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 \u2018Critical account-ing judgements and key sources of estimation uncertainty\u2019 for more explanation on the impact of the macroeconomic environment on Barco\u2019s operations.Leases - lessee accountingThis 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 2023 2022 2021Buildings Vehicles Other assets Total Total TotalOn 1 January 40,164 11,041 - 51,205 46,922 39,013New leases or extensions of current leases 6,028 8,113 85 14,226 10,986 10,702Termination of leases -1,512 -2,382 -3 -3,896 -6,586 -4,403Translation (losses)/gains -1,142 3 -1 -1,140 -117 1,611On 31 December 43,538 16,775 81 60,394 51,205 46,922Depreciation and impairmentOn 1 January -20,884 -5,487 - -26,371 -21,119 -14,415Depreciation -6,899 -3,303 -20 -10,222 -9,539 -10,023Termination of leases 1,494 2,382 3 3,878 4,141 3,956Translation (losses)/gains 681 2 - 683 146 -636On 31 December -25,609 -6,406 -17 -32,031 -26,371 -21,119Right-of-use assetsOn 1 January 19,280 5,554 - 24,834 25,803 24,598On 31 December 17,930 10,369 65 28,363 24,834 25,803Additions to the right-of-use assets during 2023 were 14.2 million euro (2022: 11 million euro; 2021: 10.7 million euro) split over leased buildings (2023: 6 million euro; 2022: 7.6 million euro) and leased vehicles (2023: 8.1 million euro; 2022: 3.4 million euro). The additions are both renewals of existing lease agreements as well as a lease agreement in Norway.We refer to note 14 for more information on the lease liabilities.The statement of profit or loss shows the following amounts relating to leases:In thousands of euro 2023 2022 2021Buildings -6,899 -6,936 -7,591Vehicles -3,303 -2,604 -2,433Other assets -20 - -Total depreciation charge of right-of-use assets -10,222 -9,539 -10,023Interest expense (included in finance cost) -1,225 -1,072 -1,066Expense relating to short-term leases - - -17Expense relating to leases of low-value assets that are not shown above as short-term leases -7 -19 -24The total cash outflow for leases including interests in 2023 was 10 million euro (2022: 9.2 million euro; 2021: 9.7 million euro).Leases \u2013 lessor accountingThis note provides more information for leases where the Group is a lessor:In 2022, AMC Theatres, the largest theatrical exhibitor in the United States, in Europe & the Middle East, announced that they will upgrade their theaters with new Barco laser projectors via cinema-as-a-service program. Barco remains owner of the laser projectors and therefore the assets are included in the tangible fixed assets under plant, machinery and equipment. The total investments for all the cinema customers who have stepped into a cinema-as-a-service program in 2023 amounted to 24.5 million euro (2022: 3 million euro).Installation of laser projectors under the cinema-as-a-service program started in 2023.For the current cinema-as-a-service installed projectors, the following undiscounted lease payments are expected in the coming 5 years:In thousands of euro 2023Receivable in 2024 17,134Receivable in 2025 17,089Receivable in 2026 17,089Receivable in 2027 16,733Receivable in 2028 7,621Total receivable 75,66510. Deferred tax assets \u2013 deferred tax liabilitiesThe deferred tax asset and liability balance comprises temporary differences attributable to:Assets Liabilities Net asset/(liability)In thousands of euro 2023 2022 2021 2023 2022 2021 2023 2022 2021Tax value of loss carry forwards 15,948 13,721 10,201 - - - 15,948 13,721 10,201Tax value of tax credits 13,952 17,920 26,586 - - - 13,952 17,920 26,586Deferred revenue 10,973 10,227 9,961 - - - 10,973 10,227 9,961Inventory 12,050 8,837 8,573 -104 -211 -34 11,946 8,626 8,539Provisions 6,277 6,062 8,477 -1,009 122 -32 5,268 6,184 8,445Tangible fixed assets and software 5,724 1,580 2,031 -353 -363 -678 5,371 1,217 1,353Employee benefits 1,471 1,333 1,024 -33 258 88 1,438 1,591 1,112Trade debtors 184 416 362 - - - 184 416 362Capitalized development cost 55 6 - -1 - - 54 6 -Uncertain tax positions (UTP) - - - -2,810 -3,060 -3,120 -2,810 -3,060 -3,120Patents, licenses, ... - - - -5,015 -5,704 -3,792 -5,015 -5,704 -3,792Other items 852 906 754 -4,698 -40 -68 -3,846 866 686Gross tax assets/(liabilities)67,486 61,008 67,969 -14,022 -8,998 -7,636 53,464 52,010 60,333Offset of tax-10,446 -5,769 -3,814 10,446 5,769 3,814 - - -Net tax assets/(liabilities)57,040 55,239 64,155 -3,576 -3,229 -3,822 53,464 52,010 60,333Other items included deferred tax liability recognized on undis-tributed earnings for 4.5 million euro (see note 6. Income taxes).Movements in the deferred tax assets / (liabilities) arise from the following:As at Recognized through Recognized Exchange gains and As at In thousands of euro1 January 2023 income statementthrough OCI Reclassificationslosses31 December 2023Tax value of loss carry forwards 13,721 3,520 - -605 -688 15,948Tax value of tax credits 17,920 -4,668 - 702 -2 13,952Deferred revenue 10,227 1,205 - -219 -240 10,973Inventory 8,626 2,548 - 943 -171 11,946Provisions 6,184 -444 324 -736 -60 5,268Tangible fixed assets and software 1,217 3,645 - 527 -18 5,371Employee benefits 1,591 419 - -558 -14 1,438Trade debtors 416 -74 - -154 -4 184Capitalized development cost 6 -9 - 56 2 54Uncertain tax positions (UTP) -3,060 250 - - - -2,810Patents, licenses, ... -5,704 604 - 64 22 -5,015Other items 866 -4,698 - -20 5 -3,846Net deferred tax 52,010 2,297 324 - -1,168 53,464Deferred tax assets have been recognized in 2023 on tax attri-butes carried forward in following countries (in million euro):In thousands of euroTax Losses R&D tax credits and Innovation Tax value of carried forwardInvestments deductionsincome deductiontax creditsBelgium 21,710 1,038 12,275 13,313Canada 1,927 639 - 639China 8,062 - - -Germany 5,317 - - -Sweden 460 - - -Total 3 7,476 1,677 12,275 13,952Valuation allowance -21,528 - - -Net deferred tax 15,948 1,677 12,275 13,952On these items for which a deferred tax asset is recognized, the Group has recorded a valuation allowance of 21.5 million euro (18.3 million euro in 2022). 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 it is probable that some portion or all of the deferred tax assets will not be realized within the foreseeable future.In assessing the realization of deferred tax assets, manage-ment considers whether it is probable that some portion or all of the deferred tax assets will be realized within the foresee-able future. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable profit during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable profit and foreseeable tax events in making this assessment. In 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 additional liabilities for 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 exemp-tions) on which the Group has not recognized income taxes was approximately 517 million euro per December 31, 2023 (2022: 488 million euro, 2021: 504 million euro).11. Investments and interest in associatesIn thousands of euro 2023 2022 2021Investments (a) 41,695 37,645 47,135Interest in associates (b) 29,093 27,167 20,872Investments and interest in associates 70,788 64,811 68,008Investments 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.(a) InvestmentsIn thousands of euro 2023 2022 2021Opening net assets 1 January 37,645 47,135 87,228Additions - 14,893 -Divestments -9,179 -4,384 -54,993Other comprehensive income 14,709 -23,004 9,945Translation gains/(losses)-1,480 3,003 4,955Closing net assets 31 December 41,695 37,645 47,135The 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 fair value (level 1). The remeasure-ment at fair value per 31 December 2023 versus the carrying amount, resulted in an unrealized gain of 14.7 million euro, reflected in other comprehensive income. The gain is caused by an increase of the share price at year-end 2023 compared to end 2022. Further, a minority stake was sold, resulting in 9.2 million euro cash-in in 2023, reflected in the line \u2018other investing activities\u2019 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 2021 to 2022 is mainly related to the remeasurement at fair value versus the carrying amount per 31 December 2022 (-23 million euro, 2021: 9,9 million euro), representing a general decrease of the global stock markets in 2022 compared to 2021. Further, a 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 (2021: 55 million euro), both reflected in the line \u2018other investing activities\u2019 in the cash flow statement, and 0.7 million euro (2021: 25.2 million euro) gain realized since the moment of acquisition, over the periods until divestment reflected in other comprehensive income reserve.(b) Interest in associatesInterest in associates, in 2023 - 2021, reflects the equity investment in BarcoCFG and CCO Barco Airport Venture.The Group\u2019s share of the assets and liabilities as at 31 December 2023 and 2022 and income and expenses of the joint ventures and associates for the year ended 31 December 2023 and 2022, which are accounted for using the equity method:Summarized balance sheetBarcoCFGCCOTotalBarcoCFGCCOTotalIn thousands of euro31 DEC 2331 DEC 2331 DEC 2331 DEC 2231 DEC 2231 DEC 22Cash and cash equivalents 14,454 26,345 40,799 12,185 30,467 42,652Other current assets 49,397 17,444 66,841 58,842 11,785 70,627Total current assets 63,850 43,789 107,640 71,027 42,252 113,279Non-current assets 5,490 7, 573 13,063 7,050 9,437 16,487Other current liabilities 37,012 13,501 50,513 50,070 13,279 63,349Total current liabilities 37,012 13,501 50,513 50,070 13,279 63,349Other non-current liabilities - - - - - -Total non-current liabilities - - - - - -Net assets 32,329 37,861 70,190 28,007 38,409 66,416Reconciliation to carrying amountsOpening net assets 1 January 28,007 38,409 66,416 23,093 27,305 50,398Profit/(loss) for the period 6,231 7,254 13,486 5,641 9,534 15,176Other comprehensive income (CTA) -1,909 -1,550 -3,459 -728 1,570 842Dividends paid - -6,253 -6,253 - - -Closing net assets 32,329 37,861 70,190 28,007 38,409 66,416Group\u2019s share in % 49% 35% - 49% 35% -Group\u2019s share 15,841 13,251 29,093 13,723 13,443 27,167Carrying amount 15,841 13,251 29,093 13,723 13,443 27,167Summarized statement of comprehensive incomeBarcoCFGCCOTotalBarcoCFGCCOTotalIn thousands of euro31 DEC 2331 DEC 2331 DEC 2331 DEC 2231 DEC 2231 DEC 22Profit/(loss) for the period 6,231 7,254 13,486 5,641 9,534 15,176Other comprehensive income (CTA) -1,909 -1,550 -3,459 -728 1,570 842Total comprehensive income 4,322 5,705 10,027 4,913 11,105 16,018Group\u2019s share in % 49% 35% - 49% 35% -Group\u2019s share in profit/(loss) for the period 3,053 2,539 5,592 2,764 3,337 6,101Share in the result of joint ventures and associates - 2,539 2,539 - 3,337 3,337Included in other operating income 3(d) 3,053 - 3,053 2,764 - 2,764The Group has no contingent liabilities or capital commitments in relation to its associates as at 31 December 2023, 2022 and 2021.For all equity accounted investments, the parent\u2019s or other investor\u2019s consent is required to distribute its profits; which is not decided at the reporting date. The equity accounted invest-ments did not recognize items in other comprehensive income.12. InventoryIn thousands of euro 2023 2022 2021Raw materials and consumables 100,199 120,610 90,139Work in progress 69,376 79,993 64,384Finished goods 144,539 123,930 92,931Write-off on inventories -82,593 -78,819 -71,957Inventory 231,521 245,714 175,496Inventory turns 2.1 2.1 2.4Inventory in 2023, remained at a high level throughout the year, but started to decrease over the course of the second half of the year, resulting in a decrease by -6% compared to last year. Inventory at the end of 2022 was record high due to increased component prices and safety buffers that were stocked for a number of scarce components and additional component purchases that were made in expectation of upcoming price increases in 2023. Turns in 2023 remain low at 2.1.Significant slowdown on component purchases resulted in a material decrease of raw materials (-20 million euro) and work in progress (\u20ac -10 million). The drop in raw materials and work in progress was for the most part offset by an increase in fin-ished goods inventory (+ 20 million euro). Higher inventories of finished goods include the build-up of 3-4 months buffer inventory in China and Italy as a result of the focused factories strategy and transfer of production, and higher goods in transit as a result of longer lead times between the Suzhou factory in China and European and US customers (transfer over sea).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. The two divisions that were impacted the most by the supply constraints in 2022, Entertainment and Healthcare show the highest decrease in raw materials, as supply constraints are resolved in 2023.We refer to chapter \u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 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 2023 write-offs recognized as expense represent 1.2% of sales or 12.1 million euro, compared to 0.7% in 2022 and 2021.13. Amounts receivable and other non-current assetsIn thousands of euro 2023 2022 2021Trade debtors - gross 211,012 197,493 160,930Trade debtors - bad debt reserve (a)-2,445 -2,850 -3,954Trade debtors - net (b)208,567 194,643 156,977V.A.T. Receivable 8,463 5,911 6,418Taxes receivable 1,001 3,491 6,083Interest receivable - 1 4Currency rate swap (note 20) 4,321 2,537 1,055Other 673 2,569 2,650Other amounts receivable 14,458 14,509 16,211Other non-current assets (c)4,335 5,819 6,849Number of days sales outstanding (DSO) 63 54 56Per 31 December 2023, the number of days sales outstanding increased to 63 days (54 days in 2022 and 56 in 2021). The higher DSO is linked to sales spike end of quarter and longer payment terms granted on selected contracts. For the year ended December 31, 2023, the Company reversed 0.3 million euro provision for current expected credit losses (2022: -0.2 million euro cost; 2021: + 0.4 million euro profit). The bad debt reserve in proportion to the gross amount of trade debtors decreased to 1.2% (2022: 1.5%, 2021: 2.5%).(a) Movement in bad debt reserve:In thousands of euro 2023 2022 2021On 1 January -2,850 -3,954 -4,314Additional provisions -289 -1,191 -797Amounts used 136 1,234 444Amounts unused 514 1,156 833Translation (losses) / gains 43 -93 -120On 31 December -2,445 -2,850 -3,954(b) At 31 December 2023 the ageing analysis of trade debtors is as follows:In thousands of euro 2023 2022 2021Not due 191,491 171,431 138,188Overdue less than 30 days 8,722 12,699 10,377Overdue between 30 and 90 days 6,859 9,176 6,620Overdue between 90 days and 180 days 2,483 2,869 1,746Overdue more than 180 days 1,458 1,318 4,000Total gross 211,012 197,493 160,930Bad debt reserve -2,445 -2,850 -3,954Total 208,567 194,643 156,977In 2023, total overdue trade receivables amount to 19.5 million euro (2022: 26.1 million euro, 2021: 22.7 million euro), resulting in 6 days overdue DSO (2022: 7 days, 2021: 9 days).The Company has a credit insurance in place for specific higher risk contracts and for customers with long payment terms. During the last three years, the Company did not need to exercise its rights under the insurance as the customers, for which the credit insurance is in place, paid timely. The bad debt reserve in 2023 covers 167% of the trade receiv-ables overdue more than 180 days (2022: 216%, 2021: 99%). Pre covid level was around 140%.(c) Other non-current assetsThe other non-current assets include mainly cash guarantees for an amount of 2.8 million euro (2022: 2.7 million euro, 2021: 5.6 million euro) and 1.1 million euro (2022: 1.6 million euro) other long-term receivable related to a subleased building in the United States.14. Net financial cash/debtIn thousands of euro 2023 2022 2021Short term investments (a)4,670 1,651 2,763Deposits (a)186,038 151,491 197,039Cash at bank (b)99,991 154,342 154,453Cash in hand 48 82 79Cash and cash equivalents 286,077 305,915 351,571Long-term debts (c)-32,217 -32,335 -34,366Current portion of long-term debts (c)-12,288 -11,217 -10,218Short-term debts (d)-5,095 - -Net financial cash / (debt) 241,147 264,014 309,750At the end of December 2023, Barco\u2019s net cash position reaches 241 million euro, 22.9 million euro lower compared to last year (2022: 264 million euro, 2021: 309.8 million euro). The main elements contributing to this change were cash-in from the positive free cash flow (38 million euro) and the proceeds from the sale of minority investments (9 million euro) offset by cash out for the dividends paid (-41.6 million euro) and the share buyback program (-8 million euro), and translation impacts. We refer to the supplementary statements, note 16 and note 11 for more explanation. Of the total net financial cash at the end of 2023, 286 million euro is cash on the balance sheet. Additional financial flex-ibility is provided with 123.5 million euro of unused bilateral committed credit facilities (of which 75 million euro has an interest margin linked to Barco's sustainability targets) with a selected group of commercial banks (see further c). In addition to significant liquidity, Barco has a well-balanced debt profile with debt limited to 49.6 million euro of which 17.4 million euro near-term maturities. The net financial cash at the end of 2022 amounts to 264 million euro, 45.8 million euro lower compared to end 2021, 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.(a) Short term investments and deposits: 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 material risk of change in valuation.At closing date, short term investments and deposits include:Average Average Average In thousands of euro 2023interest rate 2022interest rate 2021interest rateDeposits in USD 162,683 4.88% 120,908 4.22% 141,324 0.09%Deposits in EUR - - 19,000 1.25% - -Deposits in HKD 19,568 5.06% 9,379 5.24% 45,057 0.27%Deposits in INR 4,670 7.22% 1,549 5.97% 2,763 4.10%Deposits in CNY - - - - 9,368 2.11%Deposits in other currencies 3,787 9.52% 2,307 - 1,291 -Total short term investments and deposits 190,708 - 153,142 - 199,802 - The larger deposit amounts in USD and HKD in 2023 are held in the according home currency of the entities or are hedged, avoiding FX impact in the profit & loss, and optimizing yield. Deposits held in EUR were transferred to deposits in USD as immediately accessible and granting higher interest. In view of the positive interest rate evolution more cash has been held in deposits compared to 2022.In 2022, 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, explaining the decrease in foreign currency deposits in HKD compared to 2021.(b) Cash at bank: Cash at bank is immediately available. It is denominated in the following currencies:2023 2022 2021EUR 48.9% 41.7% 54.4%CNY 12.6% 15.8% 8.5%USD 8.9% 21.2% 19.2%SGD 5.6% 0.3% 0.4%KRW 4.7% 1.6% 1.1%HKD 3.3% 7.1% 3.9%Others 16.0% 12.3% 12.6%(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 DEC 2023 31 DEC 2022 31 DEC 2021Real estate financing Variable, swapped into fixed (EU) Later than 2025 7,013 8,288 9,563 Variable (EU) Later than 2025 6,988 7,713 8,438Leasing (IFRS 16) 30,419 27,458 26,482Other 86 94 103Total long-term financial debts 44,505 43,552 44,585\u2022 Barco NV signed a number of bilateral committed credit facilities totaling 28 million euro, for the financing of Barco\u2019s 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 14 million euro is out-standing per 31.12.2023. These commitments carry either a variable interest rate or have been swapped via derivatives into fixed rate character.\u2022 Barco China signed bilateral committed credit facilities for a total of 53.5 million euro. On one hand, the facilities are intended to finance the capital expenditures related to the construction of the Wuxi factory, having a long-term tenor of 5 years. On the other hand, the facilities are short-term tenor and fulfill the working capital needs to support scale-up of production in both Suzhou and Wuxi. At the end of 2023, 5.1 million euro has been drawn under the working capital committed loand (see d.).Barco is meeting all requirements of the loan covenants on its available credit facilities. The table on the right summarizes the long-term financial debts, including the current portion of long-term financial debts, per currency:In thousands of euro 2023 2022 2021EUR 29,376 28,213 28,078USD 2,417 3,829 4,584INR 4,140 5,154 3,446Other 8,572 6,356 8,477Total 44,505 43,552 44,585The long-term debts, including interests due and excluding the current portion of the long-term debts, are payable as follows:Per 31 DEC 2023 Per 31 DEC 2022 Per 31 DEC 2021Payable in 2025 11,440 Payable in 2024 9,784 Payable in 2023 10,128Payable in 2026 8,146 Payable in 2025 8,081 Payable in 2024 7,724Payable in 2027 5,106 Payable in 2026 5,559 Payable in 2025 5,883Payable in 2028 3,409 Payable in 2027 3,535 Payable in 2026 3,799Later 6,426 Later 7,667 Later 9,679Total long-term debts 34,528 Total long-term debts 34,625 Total long-term debts 37, 212The lease liabilities according to IFRS 16 per 31 December are as follows:In thousands of euro 2023 2022 2021On 1 January 27,458 26,482 24,929New leases or extensions of current leases 14,226 10,991 10,702Payments or termination of leases -10,754 -10,060 -10,159Translation (losses)/gains -511 45 1,011Total lease liabilities on 31 December 30,419 27,458 26,482Current 10,288 9,217 8,218Non-current 20,131 18,241 18,264(d) Short-term financial debts: Analysis of short-term financial debts on 31 December 2023: 2023 2022 2021Effective Effective Effective In thousands of eurointerest rate Balanceinterest rate Balanceinterest rate BalanceCNY 2.68% 5,095 - - - -Total - 5,095 - - - -Short term credit facility to support working capital needs in the Suzhou factory in China.15. Other long-term liabilitiesIn thousands of euro 2023 2022 2021Other amounts payable (a)1,970 2,312 350Accrued charges - 884 -Deferred Income (b)52,403 41,328 48,510Other long-term liabilities 54,374 44,524 48,860(a) Barco signed a joint venture agreement with the Swedish stcompany Dermicus AB on July 1, 2022. Barco acquired 70% of the shares in Gnosco AB for 4 million euro. 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. In 2023, the fair value assessment of the put option resulted in the decrease of the liability for 0.3 million euro.(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 standard warranty period. The increase in 2023 is mainly related to new long term service contracts, starting as of 2023. Decrease in deferred income in 2022 is caused by less by new contracts started.16. Equity attributable to equity holders of the parentIn thousands of euro 2023 2022 2021Share capital 56,752 56,752 56,296Share premium 176,905 176,919 161,091Share-based payments 22,445 20,215 18,667Acquired own shares -32,227 -25,443 -31,435Retained earnings 615,588 558,777 527,783Cumulative translation adjustment -44,233 -28,350 -37,906Derivatives 104 319 -713Equity attributable to equity holders of the parent 795,334 759,189 693,7831. Share capital, share premium and own sharesThe company\u2019s share capital is equal to last year and amounts to 56.7 million euro on 31 December 2023, consisting of 92,916,645 fully paid shares.In 2022, the shareholders had 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. In the Extraordinary General Meeting of 25 April 2019, Barco\u2019s 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. Based on this authorization, the company launched a new buy back program which started on 19 December, 2023 and thwill end latest on April 24, 2024. The intention is to purchase a maximum of two million shares of Barco N.V.Barco acquired 491,000 own shares for a total amount of 8,088 (000) euro in 2023.Further, Barco sold in total 122,479 own shares in 2023 upon the exercise of 122,479 stock options with a resulting decrease of the own shares of 1,304 (\u2018000) euro and a decrease in the share premium account of 14 (\u2018000) euro. As a result of the exercised stock-options the company's share premium account per 31 December 2023 amounts to 177 million euro.The number of own shares acquired by Barco NV up to 31 December 2023 therefore increased to 2,826,443 own shares (2022: 2,457,922; 2021: 3,032,682 own shares). The total value of share based payments amount to 22.4 million euro at the end of 2023.2. Share-based paymentsOn 20 November 2023, 2 new option plans have been approved by the Board of Directors, through which maximum 471,404 stock options could be granted before 31 December 2023. Each stock option gives right to the acquisition of one (1) share. In 2023, 445,015 stock options have been granted to and accepted by employees and management of the group based upon these option plans.Stock option plansThe total number of outstanding stock options on 31 December 2023 amounted to 2,513,729. The company\u2019s own shares will be used under the outstanding stock option plan to fulfill the commitment. During 2023, 122,479 stock options have been exercised (in 2022, 574,760 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:Exercise price Balance on Accepted Exercised Expired Balance on Allocation date End term(in euro)31 Dec 2022in 2023in 2023in 202331 Dec 2023Stock options10/21/13 10/20/23 8.43 9,800 - -4,900 -4,900 -10/23/14 10/22/24 7.86 16,791 - -700 - 16,09110/22/15 10/21/25 8.16 8,650 - - - 8,65010/22/15 10/21/23 8.16 32,550 - -14,000 -17,500 1,050110/22/1510/21/23 8.26 15,400 - -12,243 -3,157 -10/24/16 10/23/26 10.40 125,160 - -46,750 - 78,41010/24/16 10/23/24 10.40 35,560 - -9,960 - 25,600110/24/1610/23/24 10.61 20,501 - -4,298 - 16,20310/20/17 10/16/27 12.54 181,425 - -5,900 - 175,52510/20/17 10/16/25 12.54 59,800 - -8,700 - 51,100110/20/1710/16/25 12.67 17,900 - -4,000 - 13,90010/23/18 10/22/28 14.40 50,550 - -11,028 - 39,52210/11/19 10/10/29 24.83 269,430 - - -185,150 84,28010/29/20 10/28/30 12.76 381,850 - - - 381,85012/06/21 12/06/31 17.80 853,700 - - - 853,70012/08/22 12/07/32 21.74 289,946 - - - 289,946112/08/2212/07/32 22.32 32,887 - - - 32,88712/08/23 12/07/33 15.27 - 399,004 - - 399,00412/08/23 12/07/33 15.58 - 46,011 - - 46,011 Total number of stock options2,401,900445,015 -122,479 -210,707 2,513,729(1) Deviation of exercise price as a result of the implementation of the US sub plan.The cost of these stock option plans is recognized over the vesting period on a straight line basis and is 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 2.2 million euro to 22.4 million euro in 2023 (2022: 1.5 million euro; 2021: 4.5 million euro). In 2021, 3 mil-lion 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).3. Retained earningsThe change in retained earnings includes the net income of 2023, actuarial profits, change in the fair value of equity investments, and the distribution of 39.8 million euro dividend, as approved by the general shareholders meeting of 27 April 2023. The board of directors of Barco NV will propose a gross dividend of 0.48 euro per share out of the available reserves per 31 December 2023. In 2023 a gross dividend of 0.44 euro per share was granted on the results of 2022.4. Cumulative translation adjustmentIn 2023, the exchange differences on translation of foreign operations have a net negative impact of 15.9 million euro, mainly relating to foreign balances held in Hong Kong Dollar (-5 million euro), US Dollar (-4.6 million euro), Chinese Yuan (-4.1 million euro) and Indian Rupee (-1 million euro).5. DerivativesDerivative financial instruments are disclosed in note 20.6. Main shareholdersBefore DilutionPublic 64,579,743 69.50%Vandewiele Group NV 20,532,568 22.10%3D NV 4,977,891 5.36%Barco NV 2,826,443 3.04%Total 92,916,645 100%17. Non-controlling interestThe below table represents the proportion of equity interest held by non-controlling interests:Name Country of incorporation and operation 2023 2022 2021Cinionic Ltd. Hong Kong 20% 20% 45%Cinionic bv Belgium 0% 20% 45%Cinionic Inc. United States 0% 20% 45%Barco Cine Appo Mexico, S.A. de C.V. Mexico 0% 20% 45%Cinionic Pty. Ltd. Australia 0% 20% 45%Dermicus AB Sweden 30% 30%Barco Solutions BV Belgium 30% 30%Gnosco Dermicus LTD United Kingdom 30% 30%Overview of the equity attributable to non-controlling interest:In thousands of euro 2023 2022 2021Cinionic Ltd. 18,249 20,345 41,031Dermicus AB -2,288 -554Total equity attributable to non-controlling interest 15,961 19,792 41,031Upon 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\u2019 equity and result. In 2022 Barco agreed to buy the stakes held by the minority shareholders Appotronics and CITICPE in Cinionic, increasing Barco\u2019s ownership interest in the joint venture to 80%. The 20% stake was shown as non-controlling interest.As announced on 22 November 2023, Barco reached an agreement with China Film Equipment co., Ltd to fully acquire Cinionic\u2019s premium Cinema solutions business, increasing Barco\u2019s ownership interest in the joint venture from 80% to 100%.The change in ownership to 100% of all Cinionic legal entities, except for the holding entity Cinionic Ltd. (Hong Kong), is reflected as of 1 November 2023. Cinionic Ltd. remains 80% owned by Barco until the completion of a selective capital decrease to Barco, which will result in the full ownership of the Cinionic Ltd legal entity and remaining cash of approximately 18 million euro by the minority shareholder China Film Group, as reflected in the non-controlling interest in the consolidated statement of changes in equity per end of 2023. The, by the shareholders agreed, selective capital decrease is expected to be completed by the end of the first quarter of 2024.The change in ownership from 80 to 100% had an impact of 2.7 million euro and has been reflected in OCI per 31 December 2023, as there is no change in control. The financials of Cinionic are fully consolidated in the Entertain- ment results in 2021 - 2023. In order to advance its growth initiative Demetra, Barco signed a joint venture agreement with the Swedish company Gnosco stAB on July 1, 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. Below is the consolidated balance sheet of the Cinionic legal entities as at 31 December 2023, 2022 and 2021:Assets and Liabilities Cinionic JVIn thousands of euro 2023 2022 2021Total non-current assets - 11,081 6,788Cash 59,520 84,610 86,429Other current assets 31,798 49,638 28,378Total current assets 91,318 134,248 114,807Total assets 91,318 145,329 121,595Equity attributable to equityholders of the parent 72,995 81,381 50,149Equity attributable to non-controlling interest 18,249 20,345 41,031Total equity 91,244 101,726 91,181Total non-current liabilities - 29,645 28,512Total current liabilities 74 40,024 26,724Total liabilities 91,318 171,395 146,416Per end of 2023 the consolidated balance sheet of the Cinionic joint venture reflects the Cinionic Ltd assets, composing of 60 million euro cash and 32 million euro intercompany receivable on Barco NV, linked to the transfer of 100% of the shares of Cinionic BV and Cinionic Inc to Barco NV, which will be set-tled upon the selective capital decrease of 73 million euro to Barco. The remaining 18 million euro cash is reflected in the equity attributable to non-controlling interest, as will be fully owned by the remaining shareholder China Film Group, after the selective capital decrease.Until end 2022 the Cinionic JV included the assets and liabil-ities of the following legal entities: Cinionic Limited, Cinionic bv, Barco CineAppo Mexico, S.A. de C.V., Cinionic Inc. and Cinionic Pty. Ltd. See note 1.1.Below is the consolidated balance sheet of the Dermicus legal entities as at 31 December 2023 and 2022:Assets and Liabilities Dermicus JVIn thousands of euro 2023 2022Total non-current assets 3,452 7,446Total current assets 998 1,218Total assets 4,450 8,664Equity attributable to equityholders of the parent 246 2,791Equity attributable to non-controlling interest -2,288 -554Total equity -2,042 2,237Total non-current liabilities 2,154 3,246Total current liabilities 1,289 1,632Total liabilities 1,400 7,115We refer to note 1.1 for more details on the Dermicus legal enti-ties: Dermicus AB, Barco Solutions BV, Gnosco Dermicus Ltd. The name of the legal entity Gnosco AB changed to Dermicus AB during 2023.Overview of the net income attributable to non-controlling interest:% non-% non-% non-In thousands of eurocontrolling 2023controlling 2022controlling 2021Cinionic Ltd. 2,133 374 -208Cinionic bv* 10,564 6,628 2,559Cinionic Inc.* 857 1,072 -754Barco Cine Appo Mexico, S.A. de C.V.* 376 -2,343 238Cinionic Pty. Ltd.* -26 146 116Barco Solutions BV -1,401 -688Dermicus AB -4,293 -976Gnosco Dermicus Ltd. 7 2Net income 8,217 4,215 1,951Cinionic Ltd. 20% 427 20% 75 45% -93Cinionic bv* 20% 2,112 20% 1,326 45% 1,151Cinionic Inc.* 20% 171 20% 214 45% -339Barco Cine Appo Mexico, S.A. de C.V.* 20% 75 20% -469 45% 107Cinionic Pty. Ltd.* 20% -5 20% 29 45% 52Barco Solutions BV 30% -420 30% -206 - -Dermicus AB 30% -1,288 30% -293 - -Gnosco Dermicus Ltd. 30% 2 30% 1 - -Net income attributable to non-controlling interest 1,074 677 878(*) 20% non-controlling interest included until October 31st, 2023.Other comprehensive income/(loss) for the period, net of tax effect, part attributable to non-controlling interest amounts to -0.4 million euro in 2023, 2.5 million euro in 2022 and 2.4 million euro in 2021.Total comprehensive income for the year, net of tax, part attrib-utable to non-controlling interest amounts to 0.7 million euro in 2023, 3.2 million euro in 2022 and 3.2 million euro in 2021.18. Trade payables and advances received from customersIn thousands of euro 2023 2022 2021Trade payables (a)89,350 121,920 113,979Days payable outstanding (DPO) 50 68 80Advances received from customers 40,613 51,183 54,105(a) The decrease in trade payables in 2023 is the result of signif-icant slowdown of the raw material purchases throughout the year, in order to reduce inventory levels. The increase in trade payables in 2022 and 2021 was the result of higher raw material purchases (increase in volume, component prices and transport charges). In 2022 higher purchases thwere caused by higher sales in the 4 quarter (+29% year-over-year). Payment terms with suppliers were not extended and there has been no change in payment behavior towards suppliers.19. ProvisionsBalance AdditionalAmountsUnused amounts Remeasurement Translation Balance BalanceIn thousands of eurosheet 2023provisions madeused reversed Transfersgains/(losses) on DBO(losses) / gainssheet 2022sheet 2021Total long-term provision 15,131 2,886 -1,899 - 818 -1,297 -376 14,998 31,175Defined benefit obligations (b)4,870 1,650 -233 - - -1,297 -140 4,891 22,826Technical warranty (a)9,677 686 -1,666 - 818 - -248 10,087 8,332Other claims and risks (d)583 550 - - - - 12 20 18Total short-term provision 10,284 12,241 -8,761 -1,585 -818 - -119 9,325 8,537Technical warranty (a)3,951 102 -59 - -818 - -90 4,816 3,807Restructuring provision (c)4,399 9,500 -6,849 - - - - 1,748 458Other claims and risks (d)1,934 2,639 -1,853 -1,585 - - -29 2,761 4,272Provisions 25,415 15,128 -10,660 -1 ,585 - -1,297 -494 24,323 39,712(a) Technical warrantyProvisions 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 \u2018standard\u2019 (mostly 2 years) warranty period, provisions related to extended warranty periods and provisions for specific claims/issues.(b) Defined benefit obligationsAs per 31 December 2023, 2022 and 2021, the defined benefit obligations are composed of:In thousands of euro 2023 2022 2021Pension plans in Belgium 793 732 17,835Early retirement plans in Belgium 71 104 155Local legal requirements (mainly Italy, Korea, Japan, Germany, France) 3,735 3,762 4,590A small number of individual plans 270 293 246Total 4,870 4,891 22,826Belgian 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 and 4 defined benefit plans in Cinionic Belgium, for which we show below the aggregated view as these do not differ materially from characteristics, regulatory environment, reporting seg-ment or funding arrangement. In accordance with IAS 19 the disclosure is in the form of a weighted average.2023, 2022 and 2021 changes in the Belgian defined benefit obligation and fair value of plan assets:2023 2022 2021Defined Fair value Net defined Defined Fair value Net defined Defined Fair value Net defined benefit of plan benefit benefit of plan benefit benefit of plan benefit In thousands of euroobligationassetsliabilityobligationassetsliabilityobligationassetsliabilityPension cost charged to P/LOn 1 January 116,560 -115,828 732 130,214 -112,378 17,835 134,340 -108,150 26,190Service cost 5,844 5,844 5,575 5,575 5,639 5,639Net interest expense 4,253 -4,401 -149 987 -862 126 388 -310 78Decrease due to curtailement - - -Sub-total included in profit or loss 10,096 -4,401 5,695 6,562 -862 5,701 6,026 -310 5,716Benefits paid -4,020 4,020 - -3,030 3,030 - -2,383 2,383 -Remeasurement gains/losses in OCIIncrease due to effect of transfers -270 270 - - -Increase due to the effect plan combinations 206 -206Return on plan assets (excluding amounts included in net interest expense) 1,155 1,155 -1,210 -1,210 -2,231 -2,231Actuarial changes arising from changes in demographic assumptions - - -Actuarial changes arising from changes in financial assumptions -319 -319 -16,172 -16,172 -5,679 -5,679Actuarial changes arising from changes in methodology -7,188 7,238 50 - -Actuarial changes arising from experience adjustments 410 410 -1,014 -1,014 -2,091 -2,091Sub-total included in OCI -7,160 8,457 1,297 -17,186 -1,210 -18,395 -7,769 -2,231 -10,000Contributions by employer -6,931 -6,931 -4,409 -4,409 -4,070 -4,070On 31 December 115,476 -114,683 793 116,560 -115,828 732 130,214 -112,378 17,835For the closed plans with a plan asset value below 0.5 million euro, a confirmation and full recalculation of the plan assets will be done if there are still active members every 6 years. These plans will be revalued in 2028.For the closed plans with a plan asset value above 0.5 million euro, but with no active members and for the closed plans above 0.5 million euro and with active members, a confirma-tion and full recalculation of the plan assets will be done, if there are still active members, every 3 years. These plans will be revalued in 2025.This change in methodology is reflected in the line \u2018actual changes arising from changes in methodology\u2019.In 2023 the net defined benefit liability was in line with 2022, amounting to 0.8 million euro. A positive P&L impact of 1.3 million euro was recorded as the higher discount rate on the employer contributions reduces the service cost, offset by -1.2 million euro recorded via other comprehensive income for change in parameters (merit/inflation, discount rate).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 fair value of the plan assets (115.5 million euro) are fully invested in insurance policies. In 2023, the target asset mix slightly changed compared to 2022 and consists of 66.50% government bonds (2022: 67.50%), 12% real estate (2022: 14%), 7.5% corporate bonds (2022: 7.50%), 7% corporate loans (2022: 6%) and 7% shares (2022: 5%).The principal assumptions used in determining pension obli-gations for the Group's plans are shown below:2023 2022 2021Discount rate 4.11% 3.73%0.77%Future salary increases* 6.55% 8.81% 2.43%Future consumer price 6.05% 8.14% 1.75%index increases**(*) 6.55% in 2023-2024; 2.5% from 2025(**) 6.05% in 2023-2024; 2.0% from 2025The following overview summarizes the sensitivity analysis performed for significant assumptions as at 31 December. The figures show the impact on the defined benefit obligation.In thousands of euro 2023 2022 2021Discount rate0.25% decrease 284 331 2,8340.25% increase -198 -265 -4,305Future salary change0.25% decrease -134 -143 -1,0360.25% increase 176 112 1,093Future consumer price index change0.25% decrease -81 -88 -6090.25% increase 96 106 615The 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 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 2023 2022 2021Within the next 12 months 5,853 4,750 3,724Between 2 and 5 years 31,263 33,002 24,696Between 5 and 10 years 38,968 40,332 41,648Total expected payments 76,084 78,084 70,068The average duration of the defined benefit plan obligation at the end of the reporting period is 10.1 years (11.3 years in 2022 and 12.3 years in 2021). The expected employer contributions to the plan for the next annual reporting period amounts to 5.9 million euro (9 million euro in 2023 and 3.9 million euro in 2022); the employee contributions are expected to amount to 1.3 mil-lion euro (1.2 million euro in 2023 and 1.1 million euro in 2022).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.(c) Restructuring provisionSee note 5 Restructuring and impairments. We refer to the accounting standards on provisions including provisions on restructuring.(d) Other claims and risksThis 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 2023, no payments occurred under this earn-out.20. Risk management - derivative financial instrumentsGeneral risk factors are described in the director\u2019s report \u201cRisk Factors\u201d. 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 riskRecognized assets and liabilitiesBarco incurs foreign currency risk on recognized assets and liabilities when they are denominated in a currency other than the company\u2019s 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 transactionsBarco 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 2023, there were no forward contracts outstanding under hedge accounting treatment.Estimated sensitivity to currency fluctuationsSensitivity 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:\u2022 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.\u2022 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.\u2022 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 1 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 81.7% in 2023 (2022: 71%).\u2022 Another impact is the fact that some of Barco\u2019s main com-petitors are USD-based. Whenever the USD decreases in value against the euro, these competitors have a worldwide competitive advantage over Barco. This impact on operating result cannot be measured reliably.Interest rate riskBarco uses following hedging instruments to manage its interest rate risk:Swap on outstanding or anticipated borrowingBarco concluded a series of interest rate swaps with an out-standing notional amount of 7 million euro by means of a partial hedge for the bilateral real estate leasing (currently out-standing at 14.0 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 fluctuationsFinancial markets have shown a significant increase in both long-term and short-term interest rates following multi-ple policy rate increases concluded by most central banks in their attempt to slowdown economy and inflation rates. Management closely monitors the economic and financial outlook and does not expect the interest rates to further increase in the near foreseeable future, which limits additional interest exposure on the short-term debt portfolio.With reference to the fair values table below, approximately 70% of Barco\u2019s outstanding long-term debt portfolio has a fixed interest rate character, which again limits the exposure of the company to interest rate fluctuations. This ratio increases to 84% when including the swap instruments disclosed above.Credit riskCredit risk on accounts receivableCredit 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 2023, 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 investmentsA 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\u2019s 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.2023 2022 2021In thousands of euro Carrying amount / Fair value (approx.)Financial assetsInvestments at fair value through equity 41,695 37,337 46,680 Trade receivables 208,567 194,643 156,977 Other receivables 14,458 14,509 16,211 Loan and other receivables 10,137 11,971 15,152 Interest receivable - 1 4 Currency rate swap 4,185 2,187 1,055 Interest rate swap 136 350 -Other non-current assets 4,335 5,819 6,849 Short term investments 4,670 1,651 2,763 Cash and cash equivalents 286,077 305,915 351,571 Total 559,802 559,874 581,051 Financial liabilitiesFinancial debts 14,000 16,000 18,000 Floating rate borrowings 7,013 8,288 9,563 Fixed rate borrowings 6,988 7,713 8,438 Other long-term liabilities 54,374 44,524 48,860 Short-term debts 5,095 - - Trade payables 89,350 121,920 113,979 Other current liabilities 7,034 5,412 5,036 Other short term amounts payable 1,293 750 1,206 Dividends payable 2,289 2,289 2,289 Currency rate swap 3,452 2,373 859 Interest rate swap - - 682 Total 169,853 187,856 185,875 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:\u2022 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.\u2022 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 remea-surement at fair value per 31 December 2023 versus the carrying amount is reflected in other comprehensive income.\u2022 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 2023, the carrying amounts of such receivables, net of allowances, are assumed not to be materially different from their calculated fair values.\u2022 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 2023, the effective interest rate is not materially different from the nominal interest rate of the financial obligation. \u2022 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.Fair value hierarchyAs at 31 December 2023, the Group held the following financial instruments measured at fair value:In thousands of euro 2023 2022 2021Assets measured at fair valueFinancial assets at fair value through profit or loss Foreign exchange contracts - non-hedged 4,185 2,187 1,055 Financial assets at fair value through equity Investments 41,695 37,337 46,680 Interest rate swap 136 350 -Liabilities measured at fair valueFinancial liabilities at fair value through profit or loss Foreign exchange contracts - non-hedged 3,452 2,373 859Financial liabilities at fair value through equity Interest rate swap - - 682The 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.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 2023, there were no transfers between Level 1 and Level 2 fair value measurements.Capital ManagementManagement evaluates its capital needs based on following data:In thousands of euro Note 2023 2022 2021Net financial cash / (debt) 14 241,147 264,014 309,750Equity 811,295 778,981 734,814% Net financial cash (debt) / Equity 29.7% 33.9% 42.2%In thousands of euro 2023 2022 2021Equity 811,295 778,981 734,814Total equity and liabilities 1,159,415 1,147,405 1,104,249% Equity / Total equity and liabilities 70.0% 67.9% 66.5%In 2023, the net cash position ended at a level of 241 million euro compared to 264 million euro as per end of 2022. We refer to note 14 for the details on the movement.The solvency position and other current ratios continue to consolidate at very 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.Changes in liabilities arising from financing activitiesNon-cash changesIFRS 16 Foreign exchange In thousands of euro1 January 2023 Cash flowsmovementsmovement 31 December 2023Long-term debtsLong-term liabilities 14,000 -2,000 - 12,000Long-term lease liabilities 18,335 -11,831 14,226 -514 20,217Short-term debtsShort-term liabilities 2,000 7,717 -2,622 7,095Short-term lease liabilities 9,217 1,070 10,288Total liabilities from financing activities 43,552 -5,043 14,226 -3,136 49,599The 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. The non-cash changes include impacts from fluctuations in the translation of foreign operations balances, including inter-company borrowings of which the balances are eliminated at Group level.21. Rights and commitments not reflected in the balance sheetIn thousands of euro Note 2023 2022 2021Guarantees given to third parties (a) 3,9263,594 3,474Mortgage obligations given as security (b) 30,000 30,000 30,000 Book value of the relevant assets 25,950 29,539 33,029(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 2021 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\u2019s length basis based on Barco\u2019s worldwide transfer pricing policies. Where appropriate, the arm\u2019s 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, \u2018Related party disclosures\u2019. We refer to note 1 Consolidated companies for an overview of the consolidated and equity accounted companies.We refer to the \u2018Corporate Governance Chapter\u2019 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 2023, remuneration approved by the Audit Committee to the statutory auditor for auditing activities amounted to 294.124 euro. Remuneration paid to the statutory auditor for special assignments was 59.165 euro.23. Cash flow statement: effect of acquisitions and disposalsThe following table shows the effect of acquisitions and dis-posals on the balance sheet movement of the Group.In thousands of euro Aquisitions 2022Net-identifiable assets and liabilities -1,796Know-how on acquisitions 7,607Put option non-controlling interest -2,049Acquired/(sold) cash 237Purchase price 4,000The 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 2023 and 2021.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.24. Events subsequent to the balance sheet dateThere are no major events subsequent to the balance sheet date which have a major impact on the further evolution of the company.A notable subsequent event is the closure of the Changping production site in China, announced in January 2024, whereby the activities will be moved to the new factory in Wuxi with a lay-off cost of 1.5 million euro in 2024.Supplementary statementsFree Cash FlowIn thousands of euro 2023 2022 2021Adjusted EBIT 102,106 90,143 19,373Restructuring -6,849 -1,211 -8,204Depreciations of tangible and intangible fixed assets 40,390 36,331 39,136Gain/(Loss) on tangible fixed assets 119 -1,621 196Share in the profit/(loss) of joint ventures and associates 2,539 3,337 48Gross operating Free Cash Flow 138,305 126,979 50,549 Changes in trade receivables -18,320 -35,615 -4,918Changes in inventory 9,579 -70,161 4,432Changes in trade payables -30,306 7,425 42,825Other changes in net working capital 1,551 2,823 13,195Change in net working capital -37,496 -95,528 55,534Net operating Free Cash Flow 100,809 31,451 106,083Interest received 6,514 2,773 713Interest paid -1,830 -1,930 -1,823Income taxes -13,343 -6,042 -8,386Free Cash flow from operating activities 92,150 26,252 96,587Purchases of tangible & intangible FA -54,408 -21,218 -18,787Proceeds on disposals of tangible & intangible fixed assets 209 8,038 183Free Cash flow from investing activities -54,199 -1 3,180 -18,604FREE CASH FLOW 37,951 13,072 77,983In 2023 the Company generated 38 million euro positive free cash flow, up from 13.1 million euro last year. The net oper-ating cash flow realized reached 101 million euro versus 31.5 million euro in 2022. The higher gross operating cash flow was reduced by higher trade receivables, linked to high sales at the end of the year and lower trade payables, as a result of a break on purchases in order to reduce inventory. Inventories were build up in 2022, as a response to component shortages, supply chain challenges and inflation.Capital expenditure more than doubled to 54.4 million euro, linked to investments in the new factories in China and in financing Cinema-as-a-Service business model. At the end of December 2023, Barco\u2019s net cash position reaches 241.1 million euro, compared to 264 million euro last year (2021: 309.8 million euro). The decrease versus last year is attributable to dividend payments, the share buyback program and negative currency translation impacts, partially offset by the cash in from the free cash flow and the sale of minority investments. We refer to note 14, note 16 and note 11 for more explanation.Balance SheetNet working capital amounted to 16.6% of sales, up from 14.3% of sales in 2022. Higher trade receivables contributed to the increase in working capital, mainly due to strong year-end sales, for which cash will be collected in 2024. Inventory remained at a high level throughout the year but started to decrease over the course of the second half of the year. Trade payables reduced year-over-year, in line with lower component purchases, in response to high inventories. In 2022 the net working capital increased to 14.3% of sales compared to 5.8% in 2021.The increase in working capital was 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 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.Return on Operating Capital EmployedIn thousands of euro Note 2023 2022 2021Trade debtors 208,567 194,643 156,977Inventory 231,521 245,714 175,496Trade payables -89,350 -121,920 -113,979Other working capital -175,905 -168,014 -171,695Working capital 174,832 150,423 46,799Other long term assets & liabilities 218,916 194,119 204,646Operating capital employed 393,749 344,543 251,445Goodwill 105,612 105,612 105,612Operating capital employed (incl goodwill) 499,360 450,155 357,056Adjusted EBIT 102,106 90,143 19,373 Adjusted ROCE after tax (%) (a) 17% 16% 4% (a) Tax rate used is the effective tax rate (18% for 2023-2021)The return on capital employed increased to 17% in 2023 (2022: 16%, 2021: 4%), thanks to a stronger increase in operational result compared to the increase in capital employed.SupplementaryinformationBarco NVSummary version of statutory accounts Barco NVThe 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\u2019s Report, will be filed with the National Bank of Belgium within the statutory periods. These documents are available upon request from Barco\u2019s Investor Relations department, and at www.barco.com.The statutory auditor\u2019s report is unqualified and certifies that the non-consolidated financial statements of Barco NV for the year ended 31 December 2023 gives a true and fair view of the financial position and results of the company in accordance with all legal and regulatory dispositions.DividendBarco\u2019s Board of Directors will propose to the General Assembly to distribute a gross dividend of 0.48 euro per share, up 0.04 euro versus last year\u2019s dividend of 0.44 euro.Dividend policyThe 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\u2019s 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.Group managementBeneluxpark 218500 Kortrijk \u2013 BelgiumTel.: +32 (0)56 23 32 11President Kennedypark 358500 Kortrijk \u2013 BelgiumTel.: +32 (0)56 23 32 11VAT BE 0473.191.041 | RPR Gent, Section KortrijkBarcoBeneluxpark 218500 Kortrijk \u2013 Belgium",
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"value": "Significant IFRS accounting principles1. Accounting principles1.1. Statement of compliance and basis of presentationThe 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 2023 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 5 February 2024. The chairman has the power to amend the financial statements until the shareholders\u2019 meet-ing of 25 April 2024.1.2. Principles of consolidationGeneralThe 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.SubsidiariesSubsidiaries 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\u2019s company reporting sched-ule, using consistent IFRS accounting policies.Non-controlling interestsNon-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\u2019s equity, even if the attribution of losses to the non-controlling interest results in a debit balance in shareholder\u2019s equity.Investments in associated companies and joint venturesThe 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\u2019s share of net assets of the associate since the acquisition date. The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate, in \u2018other operating income\u2019 for associated companies and joint ventures with closely related business and in the line \u2018share in the result of joint ventures and associates\u2019 for all other associated 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 \u2018investments and interest in associates\u2019.2. GoodwillGoodwill 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 costsResearch 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\u2019s 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.4. Other intangible assetsIntangible 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 equipmentProperty, 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. underlyingasset, limited to outstanding period of lease contractA 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. LeasesAssets, 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\u2019s 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 throughprofit and loss or other comprehensive incomeInvestments 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 income is determined at moment of initial recognition. For investments quoted in an active mar-ket, the quoted market price is the best measure of fair value. For investments not quoted in an active market, the carry-ing 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 \u2018Investments and interest in associates\u2019.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.8. Other non-current assetsOther 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 assetsThe 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\u2019s 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 \u2013 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. InventoriesInventories 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 recognitionWe 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 goodsContracts 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 servicesThe 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.(c) ProjectsFor revenue out of projects, billing and revenue recognition is linked to milestones, reflecting the percentage of completion, 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 grantsGovernment 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 receivableTrade 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 equivalentsCash 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\u2019s policy to hold investments to maturity. All invest-ments are initially recognized at fair value, which is the cost at recognition date.15. ProvisionsProvisions 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 \u2018Long-term provisions\u2019, 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 2023 the minimum guaranteed rate of return remains the same as in 2022 and 2021, 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 \u2013 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 borrowingsAll 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.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 liabilityWhen 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 payablesTrade 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 benefitsEmployee 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 currenciesTransactions 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 companiesIn 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 \u2018other comprehensive income\u2019, until disposal of the investment. Foreign currency ratesDecember 31, 2023 December 31, 2022 December 31, 2021CurrencyClosing rate Average rate Closing rate Average rate Closing rate Average rateCNY 7.85 7.66 7.36 7.08 7.19 7.63INR 91.90 89.30 88.17 82.69 84.23 87.45USD 1.11 1.08 1.07 1.05 1.13 1.1822. Derivative financial instrumentsDerivative 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 liabil-ity, or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in \u2018other comprehensive income\u2019 with the ineffective part recognized directly in profit and loss. 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 taxesCurrent 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 lia-bility 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 differences, 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 taxable 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 state-ments 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 assessment, a deferred tax liability is determined in line with IFRIC 23.24. Impairment of assetsGoodwill 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 paymentBarco 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 shareThe 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.IFRS accounting standards adopted as of 2023The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2023. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies, effective 1 January 2023\u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates, effective 1 January 2023\u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction, effective 1 January 2023 \u2022 IFRS 17 \u2018Insurance contracts\u2019, effective 1 January 2023\u2022 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information, issued on 9 December 2021, effective 1 January 2023\u2022 Amendments to IAS 12 \u2018Income Taxes\u2019: International Tax Reform \u2013 Pillar Two Model Rules, effective 1 January 2023:In May 2023, the IASB has issued these amendments introducing:\u2022 a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and \u2022 targeted disclosure requirements for affected entities.The Amendments note that the mandatory temporary excep-tion provides entities with relief from accounting for deferred taxes in relation to this new tax legislation allowing stake-holders time to assess the implications. It also avoids entities developing diverse interpretations of IAS 12 that could result in inconsistent application of the standard, and further requires an entity to disclose that it has applied the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.The group has applied the mandatory temporary exception issued by the IASB in May 2023 which has refrained the Group from recognising and disclosing deferred tax assets and lia-bilities related to Pillar Two income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two Model Rules published by the OECD, including tax law that implements qualified domestic minimum top-up taxes.The disclosure requirements for affected entities require, for periods in which Pillar Two legislation is (substantively) enacted but not yet effective, disclosure of qualitative and quantitative information about an entity\u2019s exposure to Pillar Two income taxes at the end of the reporting period.On 14 December 2023, the Belgian government has enacted the Pillar Two income taxes legislation effective from 1 January 2024. Given that the consolidated revenue threshold of EUR 750 million is exceeded, the Group will be required to pay top up tax on profits of its subsidiaries that are taxed at an effective tax rate of less than 15 per cent. With nearly all subsidiaries expected to be eligible for the Transitional (Country-by-Country Reporting) Safe Harbours, which have been included in the Belgian law in line with the OECD guidance released on 20 December 2022, the main jurisdiction(s) in which exposures to top up tax may exist is Belgium. Based on the quantitative analysis performed on the basis of the profits and tax expense determined as part of the preparation of the group\u2019s consolidated financial statements, considering certain adjustments that would have been required applying the legislation, no material impact is to be expected on the group effective tax rate.IFRS accounting standards issued but not yet effective as of 2023Standards issued but not yet effectiveThe standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these standards and interpretations, if applicable, when they become effective.\u2022 Amendments to IFRS 16 \u2018Leases\u2019: Lease Liability in a Sale and Leaseback, effective 1 January 20241\u2022 Amendments to IAS 1 \u2018Presentation of Financial Statements: Classification of Liabilities as current or non-current\u2019, effective 1 January 2024\u2022 Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 17 \u2018Financial Instruments: Disclosures\u2019: Supplier Finance Arrangements, effective 1 January 2024\u2022 Amendments to IAS 21 \u2018The Effects of Changes in Foreign 1Exchange Rates: Lack of Exchangeability\u2019, effective 1 January 2025 None of the IFRS standards issued, but not yet effective are expected to have a material impact on Barco\u2019s financials.(1) Not yet endorsed by the European Union as at 31 December 2023.Critical accounting judgments and key sources of estimation uncertaintyGeneral business risksOver the year 2023 - 2021 the macroeconomic conditions have been affecting businesses all over the world \u2013 Barco included.We refer to the chapter \u2018Risk factors\u2019 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\u2019s 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\u2019s behavior and demand is making the same evolution.Deep dive on the impact and consequences of the macroeconomic environment in 2023The start of 2023 was characterized by an economic recovery, after the covid-19 pandemic ended in the course of 2022 in most geographies. The main exception was China, where local lockdowns continued to affect society and business operations during the first quarter of 2023, and recovery from the pandemic did not follow as expected after that. From the second quarter onwards, market conditions deteriorated in many geographies, as a result of geopolitical and macro-economic challenges that affected businesses all over the world, including Barco.The main ones were:\u2022 The supply chain constraints as seen in 2021 and 2022 eased and the impact from shortages and delayed deliveries of components, higher broker costs and higher transport costs faded. In the aftermath of these supply chain constraints and in order to guarantee continuous supply, many distributors and channel partners held higher than usual inventories of finished products, which they progressively reduced during the year. This has impacted the global demand and order levels in many markets. \u2022 Interest rates increased globally. The cost for financing large customer projects increased and this has led to delays in orders and implementation timelines of large customer projects. \u2022 The very high inflation rates as seen in 2022 in most geog-raphies have reduced but remained considerably higher than the historic average of previous years and decades.\u2022 Remaining pandemic-related measures and effects in China, during the first quarter of 2023. The economic aftermath of the pandemic in China was felt throughout the full year with lower economic activity in all sectors, especially those linked to local government funding, including the healthcare and entertainment markets. \u2022 Scarcity of human resources and talent, especially for tech-nical profiles, remained a challenge in 2023.ApproachIn this section, Barco addresses its risk mitigation plan related to the main 2023 macroeconomic impacts.Operations and supply chainIn the second half of 2022, supply chain constraints and component shortages have eased considerably, and the exceptional price increases for energy, logistics and scarce components, as seen in 2021 and 2022, were no longer wit-nessed in 2023. Nevertheless, the base inflation rate remained higher than usual, impacting salary costs and many other direct and indi-rect spend categories. Barco has addressed these challenges by intense collaboration with all suppliers. Furthermore, flexible value engineering and redesign of products have been a sig-nificant mitigating factor and will continue to be. For certain components and subassemblies, inventory levels have been increased to lower the risk of shortages or in anticipation of price increases. Coping with inflation and high commodity pricesThe aftermath of the pandemic and the changes in macro- economic context have led to higher interest rates and infla-tion, especially in EMEA and Americas. As Barco has relatively low external debt, the direct cost effect of increased interest rates on the financial costs for 2023 is limited.The inflation affects direct and indirect costs such as energy costs, salaries, and component sourcing. All these costs are being critically reviewed and optimized on a constant basis. Inflation effects were passed through where possible.Lifting of pandemic measures in ChinaIn China, the course of the pandemic has followed a different pattern than in other regions, with quicker recovery in 2020 and 2021, but still significant regional lockdowns in 2022 and also the first quarter of 2023, affecting the business operations and the customer demand. In Barco\u2019s Chinese locations, the hygienic safety measures (social distancing, ventilation, masks, homework policies) were lifted as late as the first quarter of 2023.Retaining and attracting talentThe 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 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 labor cost inflation effect on our products where possible to reflect this increased cost base.Strong funding and liquidity structure in placeBarco has a strong balance sheet and ample liquidity. We refer to note 14 for more details on Barco\u2019s 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\u2019s 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 on goodwill need to be recognized.Key sources of estimation uncertainty\u2022 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 \u2018Deferred tax assets \u2013 deferred tax liabilities\u2019) and local tax laws enacted at the reporting date.\u2022 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 \u2018 Deferred tax assets \u2013 deferred tax liabilities\u2019).\u2022 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.\u2019Goodwill\u2019). The outcome of the goodwill impairment test performed in the last quarter of 2023, did not result in an impairment loss.\u2022 Write offs on inventories: Inventories are stated at the lower of cost or net realizable value. The calculation of the allowance 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 uncertainty due to rapid technological changes. On top of the minimum rules, more severe rules are applied in case of for example the deci-sion to stop a business unit or product 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).Defined benefit obligationsThe 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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"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__15": {
"value": "1.1. Statement of compliance and basis of presentationThe 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 2023 and adopted by the European Union are applied by Barco. The financial statements are also prepared on the basis of going concern.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__11": {
"value": "1.1. Statement of compliance and basis of presentationThe 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 2023 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 5 February 2024. The chairman has the power to amend the financial statements until the shareholders\u2019 meet-ing of 25 April 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__10": {
"value": "1.1. Statement of compliance and basis of presentationThe 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 2023 and adopted by the European Union are applied by Barco. The financial statements are also prepared on the basis of going concern.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__18": {
"value": "The financial statements were authorized for issue by the board of directors on 5 February 2024. The chairman has the power to amend the financial statements until the shareholders\u2019 meet-ing of 25 April 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__16-1": {
"value": "The financial statements were authorized for issue by the board of directors on 5 February 2024. The chairman has the power to amend the financial statements until the shareholders\u2019 meet-ing of 25 April 2024.24. Events subsequent to the balance sheet dateThere are no major events subsequent to the balance sheet date which have a major impact on the further evolution of the company.A notable subsequent event is the closure of the Changping production site in China, announced in January 2024, whereby the activities will be moved to the new factory in Wuxi with a lay-off cost of 1.5 million euro in 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__19": {
"value": "1.2. Principles of consolidationGeneralThe 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.SubsidiariesSubsidiaries 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\u2019s company reporting sched-ule, using consistent IFRS accounting policies.Non-controlling interestsNon-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\u2019s equity, even if the attribution of losses to the non-controlling interest results in a debit balance in shareholder\u2019s equity.Investments in associated companies and joint venturesThe 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\u2019s share of net assets of the associate since the acquisition date. The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate, in \u2018other operating income\u2019 for associated companies and joint ventures with closely related business and in the line \u2018share in the result of joint ventures and associates\u2019 for all other associated 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 \u2018investments and interest in associates\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__20": {
"value": "SubsidiariesSubsidiaries 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\u2019s company reporting sched-ule, using consistent IFRS accounting policies.Non-controlling interestsNon-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\u2019s equity, even if the attribution of losses to the non-controlling interest results in a debit balance in shareholder\u2019s equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__21": {
"value": "Non-controlling interestsNon-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\u2019s equity, even if the attribution of losses to the non-controlling interest results in a debit balance in shareholder\u2019s equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__24": {
"value": "Investments in associated companies and joint venturesThe 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\u2019s share of net assets of the associate since the acquisition date. The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate, in \u2018other operating income\u2019 for associated companies and joint ventures with closely related business and in the line \u2018share in the result of joint ventures and associates\u2019 for all other associated 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 \u2018investments and interest in associates\u2019.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__23": {
"value": "Investments in associated companies and joint venturesThe 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\u2019s share of net assets of the associate since the acquisition date. The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate, in \u2018other operating income\u2019 for associated companies and joint ventures with closely related business and in the line \u2018share in the result of joint ventures and associates\u2019 for all other associated 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 \u2018investments and interest in associates\u2019.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__22": {
"value": "Investments in associated companies and joint venturesThe 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\u2019s share of net assets of the associate since the acquisition date. The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate, in \u2018other operating income\u2019 for associated companies and joint ventures with closely related business and in the line \u2018share in the result of joint ventures and associates\u2019 for all other associated 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 \u2018investments and interest in associates\u2019.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__40-1": {
"value": "2. GoodwillGoodwill 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.5. Property, plant and equipmentProperty, 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. underlyingasset, limited to outstanding period of lease contractA 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.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. InventoriesInventories 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.24. Impairment of assetsGoodwill 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__32-1": {
"value": "2. GoodwillGoodwill 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.5. Property, plant and equipmentProperty, 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. underlyingasset, limited to outstanding period of lease contractA 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.7. Investments - financial assets at fair value throughprofit and loss or other comprehensive incomeInvestments 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 income is determined at moment of initial recognition. For investments quoted in an active mar-ket, the quoted market price is the best measure of fair value. For investments not quoted in an active market, the carry-ing 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 \u2018Investments and interest in associates\u2019.8. Other non-current assetsOther 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 assetsThe 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\u2019s 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 \u2013 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. InventoriesInventories 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.13. Trade debtors and other amounts receivableTrade 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.24. Impairment of assetsGoodwill 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__30-1": {
"value": "2. GoodwillGoodwill 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.4. Other intangible assetsIntangible 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.8. GoodwillIn thousands of euro 2023 2022 2021At cost 179,775 179,775 179,775Impairment 74,163 74,163 74,163Net book value 105,612 105,612 105,612There are no changes to goodwill over the period 2021-2023 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\u2019s 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\u2019s 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. For 2023 and 2022 the high level of conservatism is again applied to be consistent with prior year testing. In 2021, an appropriate level of conservatism was applied, to take into account covid-19 related uncertainty. Over the past 3 years, the outcome of the impair-ment tests on goodwill impairment tests performed did not result in any impairment loss. See below for explanations on the impairment testing performed.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 seen in the table on the right.The allocation remained the same over 2023, 2022 and 2021. The Group performed its annual impairment test in the fourth quarter of 2023 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 2023, the market capitalization of the Group was almost two 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 9.5% (2022: 10.1%; 2021: 8.7%) and cash flows beyond the five-year period are extrapolated using a conservative growth rate of 0% (2022 and 2021: 0%).Cash-generating units in thousands of euro 2023-2021Healthcare 28,263 Enterprise 41,785 Entertainment 35,564 Total goodwill (net book value) 105,612 The amount by which the unit\u2019s recoverable amount exceeds its carrying amount is 79 million euro (151 million euro in 2022) in Healthcare, 313 million euro in Enterprise (130 million euro in 2022) and 66 million euro in Entertainment (106 million euro in 2022). For Healthcare, the decrease compared to last year is fully explained by the lower 2023 sales level which is the starting point for the impairment exercise at 0% sales growth over the projected period, while having a higher work-ing capital. Lower headroom in Entertainment is explained by the higher carrying amount due to investments for cine-ma-as-a-service and higher working capital while sales level and EBITDA % increased compared to 2022. Even with this high level of conservatism applied, we can conclude that there is no impairment risk.The same level of conservatism is applied to the EBITDA %, where we used the average of the last 2 years (2023-2022), excluding the covid impacted year (2021).A similar approach has been used in the past, where the EBITDA % used was the average of the last 3 years, except for Entertainment where we used the pre-covid EBITDA level of 9.2% in the 2022 goodwill impairment test.Despite the high level of conservatism applied, all three divi-sions have sufficient headroom.A sensitivity analysis is performed on all cash-generating units with respect to the discount rate (see Sensitivity to changes in assumptions \u2013 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 testKey assumptions used in value-in-use calculationsThe calculation of value-in-use for all cash-generating units is most sensitive to the following assumptions:\u2022 Sales growth rate used during the projection period;\u2022 EBITDA; \u2022 Growth rate used to extrapolate cash flows beyond the budget period;\u2022 Discount rate;The assumptions are shown in below table:Healthcare Enterprise EntertainmentSales growth rate used during the projection period 0.0% 0.0% 0.0%EBITDA as % of sales 10.5% 18.9% 9.7%Growth rate estimates 0.0% 0.0% 0.0%Discount rate 9.5% 9.5% 9.5%Sales growth rate used during the projection period \u2013 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 \u2013 EBITDA as percentage of sales is based on average percentages over the two years preceding the start of the budget period for all divisions and has been kept conservatively flat over the projected period.Growth rate estimates \u2013 The long-term rate used to extrapolate the projection has been kept conservatively at zero % for all cash-generating units.Discount rate \u2013 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.Sensitivity to changes in assumptionsPer 31 December 2023, 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 \u2013 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 4%, 15% and 2% would result in an impairment.Discount rates \u2013 Management has considered the possibility of a significant higher weighted average cost to test the sen-sitivity. For none of the cash-generating units this leads to an impairment.Growth rate estimate (beyond the projection period) \u2013 For all divisions, no reasonable possible change in the growth rate, used to extrapolate beyond the projection period, would result in an impairment.9.1 Other intangible assetsIn thousands of euro 2023 2022 2021Other Intangible Customer Other assets under SoftwareRelations Know-howIntangible Assetsconstruction Total Total TotalAt costOn 1 January 65,998 9,818 47,569 5,200 62 128,646 136,578 134,608Expenditure 1,210 - 177 3 1,870 3,261 3,836 1,230Sales and disposals -547 - -4,450 - - -4,997 -20,094 -3,312Acquisition of subsidiaries - - - - - - 7,607 -Transfers 527 - - - -527 - - -Translation (losses)/gains -92 -97 -517 -20 - -726 719 4,052On 31 December 67,097 9,721 42,779 5,183 1,404 126,185 128,646 136,578Amortizations and impairmentOn 1 January 54,703 9,818 39,928 4,946 - 109,396 119,151 105,655Amortization 5,117 - 2,067 23 - 7,207 10,037 13,095Impairment - - 2,745 - - 2,745 - -Sales and disposals -547 - -4,450 - - -4,997 -20,094 -3,312Transfers - - -10 10 - - - -Translation (losses)/gains -55 -97 -28 -13 - -192 302 3,713On 31 December 59,219 9,721 40,253 4,966 - 114,159 109,396 119,151Carrying amountOn 1 January 11,296 - 7,640 253 62 19,251 17,427 28,952On 31 December 7,879 - 2,526 216 1,404 12,026 19,251 17,427Barco\u2019s intangibles mainly include SAP ERP software and remaining book value of acquired know how. In 2023, capital expenditures for intangible assets amount to 3.3 million euro (2022: 3.8 million euro, 2021: 1.2 million euro). Expenditures in 2023 mainly related mainly related to the implementation of a cloud-based IT platform automa-tion solution, a supplier relationship management tool as well as smaller investments in IT security. Other intangible assets under construction include ongoing projects related to a healthcare complaint handling tool and initial costs related to the planned S4HANA migration.Expenditures in 2022 and 2021 mainly related to new customer relationship management (CRM) software. In 2022, as a result of the Dermicus 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. Disposals in 2023 relate to fully amortized IT software which is no longer used and part of the stake, recorded as fully amortized know-how, transferred to new investors, realizing a gain of 4.6 million euro (see note 3.d other operating income (expense) \u2013 net). Disposals in 2022 and 2021 relate to fully amortized IT software which is no longer used.The group performed its annual impairment review on acquired intangibles in the fourth quarter of 2023 consistently with prior years. Special attention was paid to the potential impacts of the macroeconomic environment. The test con-cluded in an impairment of 2.7 million euro.Barco does not hold intangible assets with indefinite lifetime.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__28-1": {
"value": "2. GoodwillGoodwill 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.4. Other intangible assetsIntangible 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.",
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"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__27": {
"value": "2. GoodwillGoodwill 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__25-1": {
"value": "2. GoodwillGoodwill 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.4. Other intangible assetsIntangible 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__52": {
"value": "3. Research and development costsResearch 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\u2019s 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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"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__45-1": {
"value": "3. Research and development costsResearch 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\u2019s 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.4. Other intangible assetsIntangible 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 equipmentProperty, 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. underlyingasset, limited to outstanding period of lease contractA 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. LeasesAssets, 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\u2019s 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.9. Financial assetsThe 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\u2019s 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 \u2013 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. InventoriesInventories 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.13. Trade debtors and other amounts receivableTrade 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.15. ProvisionsProvisions 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 \u2018Long-term provisions\u2019, 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 2023 the minimum guaranteed rate of return remains the same as in 2022 and 2021, 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.17. Interest-bearing loans and borrowingsAll 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.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 liabilityWhen 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.19. Employee benefitsEmployee 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 currenciesTransactions 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.23. Income taxesCurrent 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 lia-bility 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 differences, 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 taxable 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 state-ments 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 assessment, a deferred tax liability is determined in line with IFRIC 23.24. Impairment of assetsGoodwill 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 paymentBarco 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.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__7__67-1": {
"value": "4. Other intangible assetsIntangible 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 equipmentProperty, 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. underlyingasset, limited to outstanding period of lease contractA 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. LeasesAssets, 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\u2019s 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__7__66": {
"value": "4. Other intangible assetsIntangible 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__65": {
"value": "4. Other intangible assetsIntangible 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__7__55-1": {
"value": "4. Other intangible assetsIntangible 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 equipmentProperty, 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. underlyingasset, limited to outstanding period of lease contractA 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.10. InventoriesInventories 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.19. Employee benefitsEmployee 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.23. Income taxesCurrent 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 lia-bility 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 differences, 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 taxable 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 state-ments 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 assessment, a deferred tax liability is determined in line with IFRIC 23.Critical accounting judgments and key sources of estimation uncertaintyGeneral business risksOver the year 2023 - 2021 the macroeconomic conditions have been affecting businesses all over the world \u2013 Barco included.We refer to the chapter \u2018Risk factors\u2019 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\u2019s 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\u2019s behavior and demand is making the same evolution.Deep dive on the impact and consequences of the macroeconomic environment in 2023The start of 2023 was characterized by an economic recovery, after the covid-19 pandemic ended in the course of 2022 in most geographies. The main exception was China, where local lockdowns continued to affect society and business operations during the first quarter of 2023, and recovery from the pandemic did not follow as expected after that. From the second quarter onwards, market conditions deteriorated in many geographies, as a result of geopolitical and macro-economic challenges that affected businesses all over the world, including Barco.The main ones were:\u2022 The supply chain constraints as seen in 2021 and 2022 eased and the impact from shortages and delayed deliveries of components, higher broker costs and higher transport costs faded. In the aftermath of these supply chain constraints and in order to guarantee continuous supply, many distributors and channel partners held higher than usual inventories of finished products, which they progressively reduced during the year. This has impacted the global demand and order levels in many markets. \u2022 Interest rates increased globally. The cost for financing large customer projects increased and this has led to delays in orders and implementation timelines of large customer projects. \u2022 The very high inflation rates as seen in 2022 in most geog-raphies have reduced but remained considerably higher than the historic average of previous years and decades.\u2022 Remaining pandemic-related measures and effects in China, during the first quarter of 2023. The economic aftermath of the pandemic in China was felt throughout the full year with lower economic activity in all sectors, especially those linked to local government funding, including the healthcare and entertainment markets. \u2022 Scarcity of human resources and talent, especially for tech-nical profiles, remained a challenge in 2023.ApproachIn this section, Barco addresses its risk mitigation plan related to the main 2023 macroeconomic impacts.Operations and supply chainIn the second half of 2022, supply chain constraints and component shortages have eased considerably, and the exceptional price increases for energy, logistics and scarce components, as seen in 2021 and 2022, were no longer wit-nessed in 2023. Nevertheless, the base inflation rate remained higher than usual, impacting salary costs and many other direct and indi-rect spend categories. Barco has addressed these challenges by intense collaboration with all suppliers. Furthermore, flexible value engineering and redesign of products have been a sig-nificant mitigating factor and will continue to be. For certain components and subassemblies, inventory levels have been increased to lower the risk of shortages or in anticipation of price increases. Coping with inflation and high commodity pricesThe aftermath of the pandemic and the changes in macro- economic context have led to higher interest rates and infla-tion, especially in EMEA and Americas. As Barco has relatively low external debt, the direct cost effect of increased interest rates on the financial costs for 2023 is limited.The inflation affects direct and indirect costs such as energy costs, salaries, and component sourcing. All these costs are being critically reviewed and optimized on a constant basis. Inflation effects were passed through where possible.Lifting of pandemic measures in ChinaIn China, the course of the pandemic has followed a different pattern than in other regions, with quicker recovery in 2020 and 2021, but still significant regional lockdowns in 2022 and also the first quarter of 2023, affecting the business operations and the customer demand. In Barco\u2019s Chinese locations, the hygienic safety measures (social distancing, ventilation, masks, homework policies) were lifted as late as the first quarter of 2023.Retaining and attracting talentThe 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 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 labor cost inflation effect on our products where possible to reflect this increased cost base.Strong funding and liquidity structure in placeBarco has a strong balance sheet and ample liquidity. We refer to note 14 for more details on Barco\u2019s 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\u2019s 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 on goodwill need to be recognized.Key sources of estimation uncertainty\u2022 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 \u2018Deferred tax assets \u2013 deferred tax liabilities\u2019) and local tax laws enacted at the reporting date.\u2022 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 \u2018 Deferred tax assets \u2013 deferred tax liabilities\u2019).\u2022 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.\u2019Goodwill\u2019). The outcome of the goodwill impairment test performed in the last quarter of 2023, did not result in an impairment loss.\u2022 Write offs on inventories: Inventories are stated at the lower of cost or net realizable value. The calculation of the allowance 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 uncertainty due to rapid technological changes. On top of the minimum rules, more severe rules are applied in case of for example the deci-sion to stop a business unit or product 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).Defined benefit obligationsThe 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.Key assumptions used in value-in-use calculationsThe calculation of value-in-use for all cash-generating units is most sensitive to the following assumptions:\u2022 Sales growth rate used during the projection period;\u2022 EBITDA; \u2022 Growth rate used to extrapolate cash flows beyond the budget period;\u2022 Discount rate;The assumptions are shown in below table:Healthcare Enterprise EntertainmentSales growth rate used during the projection period 0.0% 0.0% 0.0%EBITDA as % of sales 10.5% 18.9% 9.7%Growth rate estimates 0.0% 0.0% 0.0%Discount rate 9.5% 9.5% 9.5%Sales growth rate used during the projection period \u2013 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 \u2013 EBITDA as percentage of sales is based on average percentages over the two years preceding the start of the budget period for all divisions and has been kept conservatively flat over the projected period.Growth rate estimates \u2013 The long-term rate used to extrapolate the projection has been kept conservatively at zero % for all cash-generating units.Discount rate \u2013 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.Sensitivity to changes in assumptionsPer 31 December 2023, 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 \u2013 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 4%, 15% and 2% would result in an impairment.Discount rates \u2013 Management has considered the possibility of a significant higher weighted average cost to test the sen-sitivity. For none of the cash-generating units this leads to an impairment.Growth rate estimate (beyond the projection period) \u2013 For all divisions, no reasonable possible change in the growth rate, used to extrapolate beyond the projection period, would result in an impairment.Deferred tax assets have been recognized in 2023 on tax attri-butes carried forward in following countries (in million euro):In thousands of euroTax Losses R&D tax credits and Innovation Tax value of carried forwardInvestments deductionsincome deductiontax creditsBelgium 21,710 1,038 12,275 13,313Canada 1,927 639 - 639China 8,062 - - -Germany 5,317 - - -Sweden 460 - - -Total 3 7,476 1,677 12,275 13,952Valuation allowance -21,528 - - -Net deferred tax 15,948 1,677 12,275 13,952On these items for which a deferred tax asset is recognized, the Group has recorded a valuation allowance of 21.5 million euro (18.3 million euro in 2022). 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 it is probable that some portion or all of the deferred tax assets will not be realized within the foreseeable future.In assessing the realization of deferred tax assets, manage-ment considers whether it is probable that some portion or all of the deferred tax assets will be realized within the foresee-able future. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable profit during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable profit and foreseeable tax events in making this assessment. In 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 2023 write-offs recognized as expense represent 1.2% of sales or 12.1 million euro, compared to 0.7% in 2022 and 2021.The principal assumptions used in determining pension obli-gations for the Group's plans are shown below:2023 2022 2021Discount rate 4.11% 3.73%0.77%Future salary increases* 6.55% 8.81% 2.43%Future consumer price 6.05% 8.14% 1.75%index increases**(*) 6.55% in 2023-2024; 2.5% from 2025(**) 6.05% in 2023-2024; 2.0% from 2025The following overview summarizes the sensitivity analysis performed for significant assumptions as at 31 December. The figures show the impact on the defined benefit obligation.In thousands of euro 2023 2022 2021Discount rate0.25% decrease 284 331 2,8340.25% increase -198 -265 -4,305Future salary change0.25% decrease -134 -143 -1,0360.25% increase 176 112 1,093Future consumer price index change0.25% decrease -81 -88 -6090.25% increase 96 106 615The 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 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 2023 2022 2021Within the next 12 months 5,853 4,750 3,724Between 2 and 5 years 31,263 33,002 24,696Between 5 and 10 years 38,968 40,332 41,648Total expected payments 76,084 78,084 70,068The average duration of the defined benefit plan obligation at the end of the reporting period is 10.1 years (11.3 years in 2022 and 12.3 years in 2021). The expected employer contributions to the plan for the next annual reporting period amounts to 5.9 million euro (9 million euro in 2023 and 3.9 million euro in 2022); the employee contributions are expected to amount to 1.3 mil-lion euro (1.2 million euro in 2023 and 1.1 million euro in 2022).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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"s10_notes__7__53-1": {
"value": "4. Other intangible assetsIntangible 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.9.1 Other intangible assetsIn thousands of euro 2023 2022 2021Other Intangible Customer Other assets under SoftwareRelations Know-howIntangible Assetsconstruction Total Total TotalAt costOn 1 January 65,998 9,818 47,569 5,200 62 128,646 136,578 134,608Expenditure 1,210 - 177 3 1,870 3,261 3,836 1,230Sales and disposals -547 - -4,450 - - -4,997 -20,094 -3,312Acquisition of subsidiaries - - - - - - 7,607 -Transfers 527 - - - -527 - - -Translation (losses)/gains -92 -97 -517 -20 - -726 719 4,052On 31 December 67,097 9,721 42,779 5,183 1,404 126,185 128,646 136,578Amortizations and impairmentOn 1 January 54,703 9,818 39,928 4,946 - 109,396 119,151 105,655Amortization 5,117 - 2,067 23 - 7,207 10,037 13,095Impairment - - 2,745 - - 2,745 - -Sales and disposals -547 - -4,450 - - -4,997 -20,094 -3,312Transfers - - -10 10 - - - -Translation (losses)/gains -55 -97 -28 -13 - -192 302 3,713On 31 December 59,219 9,721 40,253 4,966 - 114,159 109,396 119,151Carrying amountOn 1 January 11,296 - 7,640 253 62 19,251 17,427 28,952On 31 December 7,879 - 2,526 216 1,404 12,026 19,251 17,427Barco\u2019s intangibles mainly include SAP ERP software and remaining book value of acquired know how. In 2023, capital expenditures for intangible assets amount to 3.3 million euro (2022: 3.8 million euro, 2021: 1.2 million euro). Expenditures in 2023 mainly related mainly related to the implementation of a cloud-based IT platform automa-tion solution, a supplier relationship management tool as well as smaller investments in IT security. Other intangible assets under construction include ongoing projects related to a healthcare complaint handling tool and initial costs related to the planned S4HANA migration.Expenditures in 2022 and 2021 mainly related to new customer relationship management (CRM) software. In 2022, as a result of the Dermicus 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. Disposals in 2023 relate to fully amortized IT software which is no longer used and part of the stake, recorded as fully amortized know-how, transferred to new investors, realizing a gain of 4.6 million euro (see note 3.d other operating income (expense) \u2013 net). Disposals in 2022 and 2021 relate to fully amortized IT software which is no longer used.The group performed its annual impairment review on acquired intangibles in the fourth quarter of 2023 consistently with prior years. Special attention was paid to the potential impacts of the macroeconomic environment. The test con-cluded in an impairment of 2.7 million euro.Barco does not hold intangible assets with indefinite lifetime.",
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"s10_notes__7__73": {
"value": "5. Property, plant and equipmentProperty, 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. underlyingasset, limited to outstanding period of lease contractA 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.",
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"s10_notes__7__70-1": {
"value": "5. Property, plant and equipmentProperty, 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. underlyingasset, limited to outstanding period of lease contractA 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.9.2. Tangible fixed assetsIn thousands of euro 2023 2022 2021Furniture, Plant, office OtherLand and machinery and equipment property, plant Assets under Total Other buildingsequipmentand vehiclesand equipmentconstructiontangible assets Total Total TotalAt costOn 1 January 132,549 87,566 44,086 13,813 7,238 152,704 285,253 284,317 267,104Expenditure* 6,300 25,195 11,568 1,003 20,426 58,193 64,493 30,020 27,040Sales and disposals -2,104 -1,475 -4,284 -370 - -6,130 -8,233 -28,034 -16,614Transfers -437 3,682 583 43 -3,872 437 - - -Translation (losses)/gains -2,300 -1,905 -484 -331 -550 -3,270 -5,570 -1,050 6,786On 31 December 134,009 113,063 51,470 14,159 23,242 201,934 335,943 285,253 284,317Depreciation and impairmentOn 1 January 62,872 58,751 31,690 9,082 - 99,523 162,395 157,430 143,630Depreciation 10,955 10,818 6,900 1,765 - 19,483 30,438 26,294 26,041Sales and disposals -2,034 -1,330 -4,295 -223 - -5,847 -7,882 -21,137 -15,787Transfers - 75 78 -153 - - - - -Translation (losses)/gains -1,263 -565 -381 -227 - -1,172 -2,436 -191 3,546On 31 December 70,529 67,749 33,993 10,246 - 111,988 182,517 162,396 1 57,430Carrying amountOn 1 January 69,677 28,815 12,396 4,731 7,238 53,181 122,856 126,887 123,474On 31 December 63,479 45,314 17,47 7 3,913 23,242 89,947 153,426 122,856 126,887(*) Expenditures also include the additions for IFRS16.Capital expenditures for tangible assets in 2023, excluding the impact of IFRS16, amount to 51.1 million euro. Major invest-ments in 2023 are related to leasing agreements concluded with cinema customers (2023: 24.5 million euro; 2022: 3 million euro), investment in the new factories in China, both facility and production related (2023: 15 million euro; 2022: 10 million euro; 2021: 8 million euro).Further, capital expenditures include machinery and tooling linked to new product introduction projects (2023: 4 million euro; 2022: 2 million euro; 2021: 2.5 million euro), IT hardware equipment (2023: 2.2 million euro; 2022: 2.5 million euro; 2021: 2.4 million euro) and renewal of demo experience cen-ters (2023: 0.2 million euro; 2022: 2.0 million euro) . The total amount of capital expenditure for tangible assets in 2023 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 \u201cTaxonomy-eligible economic activity - Turnover\u201d. We refer to the note on EU taxonomy.Disposals in 2023 mainly relate to machinery & equipment and furniture, which are no longer in use and fully written down.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 machinery & equipment and furniture, which are no longer in use and fully written down.Disposals in 2021 mainly relate to 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.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 \u2018Critical account-ing judgements and key sources of estimation uncertainty\u2019 for more explanation on the impact of the macroeconomic environment on Barco\u2019s operations.Leases - lessee accountingThis 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 2023 2022 2021Buildings Vehicles Other assets Total Total TotalOn 1 January 40,164 11,041 - 51,205 46,922 39,013New leases or extensions of current leases 6,028 8,113 85 14,226 10,986 10,702Termination of leases -1,512 -2,382 -3 -3,896 -6,586 -4,403Translation (losses)/gains -1,142 3 -1 -1,140 -117 1,611On 31 December 43,538 16,775 81 60,394 51,205 46,922Depreciation and impairmentOn 1 January -20,884 -5,487 - -26,371 -21,119 -14,415Depreciation -6,899 -3,303 -20 -10,222 -9,539 -10,023Termination of leases 1,494 2,382 3 3,878 4,141 3,956Translation (losses)/gains 681 2 - 683 146 -636On 31 December -25,609 -6,406 -17 -32,031 -26,371 -21,119Right-of-use assetsOn 1 January 19,280 5,554 - 24,834 25,803 24,598On 31 December 17,930 10,369 65 28,363 24,834 25,803Additions to the right-of-use assets during 2023 were 14.2 million euro (2022: 11 million euro; 2021: 10.7 million euro) split over leased buildings (2023: 6 million euro; 2022: 7.6 million euro) and leased vehicles (2023: 8.1 million euro; 2022: 3.4 million euro). The additions are both renewals of existing lease agreements as well as a lease agreement in Norway.We refer to note 14 for more information on the lease liabilities.The statement of profit or loss shows the following amounts relating to leases:In thousands of euro 2023 2022 2021Buildings -6,899 -6,936 -7,591Vehicles -3,303 -2,604 -2,433Other assets -20 - -Total depreciation charge of right-of-use assets -10,222 -9,539 -10,023Interest expense (included in finance cost) -1,225 -1,072 -1,066Expense relating to short-term leases - - -17Expense relating to leases of low-value assets that are not shown above as short-term leases -7 -19 -24The total cash outflow for leases including interests in 2023 was 10 million euro (2022: 9.2 million euro; 2021: 9.7 million euro).Leases \u2013 lessor accountingThis note provides more information for leases where the Group is a lessor:In 2022, AMC Theatres, the largest theatrical exhibitor in the United States, in Europe & the Middle East, announced that they will upgrade their theaters with new Barco laser projectors via cinema-as-a-service program. Barco remains owner of the laser projectors and therefore the assets are included in the tangible fixed assets under plant, machinery and equipment. The total investments for all the cinema customers who have stepped into a cinema-as-a-service program in 2023 amounted to 24.5 million euro (2022: 3 million euro).Installation of laser projectors under the cinema-as-a-service program started in 2023.For the current cinema-as-a-service installed projectors, the following undiscounted lease payments are expected in the coming 5 years:In thousands of euro 2023Receivable in 2024 17,134Receivable in 2025 17,089Receivable in 2026 17,089Receivable in 2027 16,733Receivable in 2028 7,621Total receivable 75,66521. Rights and commitments not reflected in the balance sheetIn thousands of euro Note 2023 2022 2021Guarantees given to third parties (a) 3,9263,594 3,474Mortgage obligations given as security (b) 30,000 30,000 30,000 Book value of the relevant assets 25,950 29,539 33,029(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.",
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"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
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"s10_notes__7__86-1": {
"value": "6. LeasesAssets, 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\u2019s 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.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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"language": "en",
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"s10_notes__7__84-1": {
"value": "6. LeasesAssets, 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\u2019s 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.17. Interest-bearing loans and borrowingsAll 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.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 liabilityWhen 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.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__7__81-1": {
"value": "6. LeasesAssets, 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\u2019s 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.17. Interest-bearing loans and borrowingsAll 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.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 liabilityWhen 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 payablesTrade and other payables are stated at amortized cost, which is the cost at recognition date. This is an approximation of the fair value.22. Derivative financial instrumentsDerivative 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 liabil-ity, or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in \u2018other comprehensive income\u2019 with the ineffective part recognized directly in profit and loss. 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__77-1": {
"value": "6. LeasesAssets, 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\u2019s 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 throughprofit and loss or other comprehensive incomeInvestments 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 income is determined at moment of initial recognition. For investments quoted in an active mar-ket, the quoted market price is the best measure of fair value. For investments not quoted in an active market, the carry-ing 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 \u2018Investments and interest in associates\u2019.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.8. Other non-current assetsOther 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 assetsThe 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\u2019s 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 \u2013 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.13. Trade debtors and other amounts receivableTrade 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 equivalentsCash 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\u2019s policy to hold investments to maturity. All invest-ments are initially recognized at fair value, which is the cost at recognition date.17. Interest-bearing loans and borrowingsAll 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.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 liabilityWhen 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 payablesTrade and other payables are stated at amortized cost, which is the cost at recognition date. This is an approximation of the fair value.22. Derivative financial instrumentsDerivative 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 liabil-ity, or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in \u2018other comprehensive income\u2019 with the ineffective part recognized directly in profit and loss. 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__75-1": {
"value": "6. LeasesAssets, 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\u2019s 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.17. Interest-bearing loans and borrowingsAll 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.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 liabilityWhen 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__74": {
"value": "6. LeasesAssets, 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\u2019s 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__98-1": {
"value": "7. Investments - financial assets at fair value throughprofit and loss or other comprehensive incomeInvestments 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 income is determined at moment of initial recognition. For investments quoted in an active mar-ket, the quoted market price is the best measure of fair value. For investments not quoted in an active market, the carry-ing 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 \u2018Investments and interest in associates\u2019.8. Other non-current assetsOther 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.13. Trade debtors and other amounts receivableTrade 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__92-1": {
"value": "7. Investments - financial assets at fair value throughprofit and loss or other comprehensive incomeInvestments 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 income is determined at moment of initial recognition. For investments quoted in an active mar-ket, the quoted market price is the best measure of fair value. For investments not quoted in an active market, the carry-ing 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 \u2018Investments and interest in associates\u2019.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.8. Other non-current assetsOther 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 assetsThe 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\u2019s 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 \u2013 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.13. Trade debtors and other amounts receivableTrade 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 equivalentsCash 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\u2019s policy to hold investments to maturity. All invest-ments are initially recognized at fair value, which is the cost at recognition date.22. Derivative financial instrumentsDerivative 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 liabil-ity, or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in \u2018other comprehensive income\u2019 with the ineffective part recognized directly in profit and loss. 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__91": {
"value": "7. Investments - financial assets at fair value throughprofit and loss or other comprehensive incomeInvestments 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 income is determined at moment of initial recognition. For investments quoted in an active mar-ket, the quoted market price is the best measure of fair value. For investments not quoted in an active market, the carry-ing 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 \u2018Investments and interest in associates\u2019.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__88-1": {
"value": "7. Investments - financial assets at fair value throughprofit and loss or other comprehensive incomeInvestments 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 income is determined at moment of initial recognition. For investments quoted in an active mar-ket, the quoted market price is the best measure of fair value. For investments not quoted in an active market, the carry-ing 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 \u2018Investments and interest in associates\u2019.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.9. Financial assetsThe 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\u2019s 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 \u2013 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.22. Derivative financial instrumentsDerivative 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 liabil-ity, or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in \u2018other comprehensive income\u2019 with the ineffective part recognized directly in profit and loss. 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__102": {
"value": "8. Other non-current assetsOther 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__101": {
"value": "8. Other non-current assetsOther 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__103-1": {
"value": "9. Financial assetsThe 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\u2019s 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 \u2013 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.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:\u2022 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.\u2022 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 remea-surement at fair value per 31 December 2023 versus the carrying amount is reflected in other comprehensive income.\u2022 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 2023, the carrying amounts of such receivables, net of allowances, are assumed not to be materially different from their calculated fair values.\u2022 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 2023, the effective interest rate is not materially different from the nominal interest rate of the financial obligation. \u2022 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.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.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 2023, there were no transfers between Level 1 and Level 2 fair value measurements.22. Derivative financial instrumentsDerivative 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 liabil-ity, or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in \u2018other comprehensive income\u2019 with the ineffective part recognized directly in profit and loss. 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__109-1": {
"value": "10. InventoriesInventories 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.Write offs on inventories: Inventories are stated at the lower of cost or net realizable value. The calculation of the allowance 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 uncertainty due to rapid technological changes. On top of the minimum rules, more severe rules are applied in case of for example the deci-sion to stop a business unit or product 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).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__107-1": {
"value": "10. InventoriesInventories 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.12. InventoryIn thousands of euro 2023 2022 2021Raw materials and consumables 100,199 120,610 90,139Work in progress 69,376 79,993 64,384Finished goods 144,539 123,930 92,931Write-off on inventories -82,593 -78,819 -71,957Inventory 231,521 245,714 175,496Inventory turns 2.1 2.1 2.4Inventory in 2023, remained at a high level throughout the year, but started to decrease over the course of the second half of the year, resulting in a decrease by -6% compared to last year. Inventory at the end of 2022 was record high due to increased component prices and safety buffers that were stocked for a number of scarce components and additional component purchases that were made in expectation of upcoming price increases in 2023. Turns in 2023 remain low at 2.1.Significant slowdown on component purchases resulted in a material decrease of raw materials (-20 million euro) and work in progress (\u20ac -10 million). The drop in raw materials and work in progress was for the most part offset by an increase in fin-ished goods inventory (+ 20 million euro). Higher inventories of finished goods include the build-up of 3-4 months buffer inventory in China and Italy as a result of the focused factories strategy and transfer of production, and higher goods in transit as a result of longer lead times between the Suzhou factory in China and European and US customers (transfer over sea).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. The two divisions that were impacted the most by the supply constraints in 2022, Entertainment and Healthcare show the highest decrease in raw materials, as supply constraints are resolved in 2023.We refer to chapter \u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 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 2023 write-offs recognized as expense represent 1.2% of sales or 12.1 million euro, compared to 0.7% in 2022 and 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__111": {
"value": "11. Revenue recognitionWe 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 goodsContracts 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 servicesThe 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.(c) ProjectsFor revenue out of projects, billing and revenue recognition is linked to milestones, reflecting the percentage of completion, provided that the outcome of the project can be assessed with reasonable certainty. These projects generally have a lifetime of less than one year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__112-1": {
"value": "(a) Sale of goodsContracts 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.15. ProvisionsProvisions 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 \u2018Long-term provisions\u2019, 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 2023 the minimum guaranteed rate of return remains the same as in 2022 and 2021, 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.19. Employee benefitsEmployee 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__116": {
"value": "12. Government grantsGovernment 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__115": {
"value": "12. Government grantsGovernment 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__117": {
"value": "13. Trade debtors and other amounts receivableTrade 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__118": {
"value": "14. Cash and cash equivalentsCash 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\u2019s policy to hold investments to maturity. All invest-ments are initially recognized at fair value, which is the cost at recognition date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__119-1": {
"value": "On the line item \u2018Long-term provisions\u2019, 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 2023 the minimum guaranteed rate of return remains the same as in 2022 and 2021, 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.19. Employee benefitsEmployee 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__121": {
"value": "16. Equity \u2013 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__122": {
"value": "18. Trade and other payablesTrade and other payables are stated at amortized cost, which is the cost at recognition date. This is an approximation of the fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__123-1": {
"value": "20. Transactions in foreign currenciesTransactions 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 companiesIn 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 \u2018other comprehensive income\u2019, until disposal of the investment. Foreign currency ratesDecember 31, 2023 December 31, 2022 December 31, 2021CurrencyClosing rate Average rate Closing rate Average rate Closing rate Average rateCNY 7.85 7.66 7.36 7.08 7.19 7.63INR 91.90 89.30 88.17 82.69 84.23 87.45USD 1.11 1.08 1.07 1.05 1.13 1.18",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__127": {
"value": "22. Derivative financial instrumentsDerivative 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 liabil-ity, or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in \u2018other comprehensive income\u2019 with the ineffective part recognized directly in profit and loss. 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__126": {
"value": "22. Derivative financial instrumentsDerivative 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 liabil-ity, or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in \u2018other comprehensive income\u2019 with the ineffective part recognized directly in profit and loss. 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__125": {
"value": "22. Derivative financial instrumentsDerivative 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 liabil-ity, or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in \u2018other comprehensive income\u2019 with the ineffective part recognized directly in profit and loss. 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__128": {
"value": "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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__130": {
"value": "23. Income taxesCurrent 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 lia-bility 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 differences, 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 taxable 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 state-ments 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 assessment, a deferred tax liability is determined in line with IFRIC 23.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__129": {
"value": "23. Income taxesCurrent 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 lia-bility 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 differences, 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 taxable 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 state-ments 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 assessment, a deferred tax liability is determined in line with IFRIC 23.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__132": {
"value": "25. Share-based paymentBarco 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__131": {
"value": "25. Share-based paymentBarco 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__133": {
"value": "26. Earnings per shareThe 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__136": {
"value": "IFRS accounting standards adopted as of 2023The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2023. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies, effective 1 January 2023\u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates, effective 1 January 2023\u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction, effective 1 January 2023 \u2022 IFRS 17 \u2018Insurance contracts\u2019, effective 1 January 2023\u2022 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information, issued on 9 December 2021, effective 1 January 2023\u2022 Amendments to IAS 12 \u2018Income Taxes\u2019: International Tax Reform \u2013 Pillar Two Model Rules, effective 1 January 2023:In May 2023, the IASB has issued these amendments introducing:\u2022 a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and \u2022 targeted disclosure requirements for affected entities.The Amendments note that the mandatory temporary excep-tion provides entities with relief from accounting for deferred taxes in relation to this new tax legislation allowing stake-holders time to assess the implications. It also avoids entities developing diverse interpretations of IAS 12 that could result in inconsistent application of the standard, and further requires an entity to disclose that it has applied the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.The group has applied the mandatory temporary exception issued by the IASB in May 2023 which has refrained the Group from recognising and disclosing deferred tax assets and lia-bilities related to Pillar Two income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two Model Rules published by the OECD, including tax law that implements qualified domestic minimum top-up taxes.The disclosure requirements for affected entities require, for periods in which Pillar Two legislation is (substantively) enacted but not yet effective, disclosure of qualitative and quantitative information about an entity\u2019s exposure to Pillar Two income taxes at the end of the reporting period.On 14 December 2023, the Belgian government has enacted the Pillar Two income taxes legislation effective from 1 January 2024. Given that the consolidated revenue threshold of EUR 750 million is exceeded, the Group will be required to pay top up tax on profits of its subsidiaries that are taxed at an effective tax rate of less than 15 per cent. With nearly all subsidiaries expected to be eligible for the Transitional (Country-by-Country Reporting) Safe Harbours, which have been included in the Belgian law in line with the OECD guidance released on 20 December 2022, the main jurisdiction(s) in which exposures to top up tax may exist is Belgium. Based on the quantitative analysis performed on the basis of the profits and tax expense determined as part of the preparation of the group\u2019s consolidated financial statements, considering certain adjustments that would have been required applying the legislation, no material impact is to be expected on the group effective tax rate.IFRS accounting standards issued but not yet effective as of 2023Standards issued but not yet effectiveThe standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these standards and interpretations, if applicable, when they become effective.\u2022 Amendments to IFRS 16 \u2018Leases\u2019: Lease Liability in a Sale and Leaseback, effective 1 January 20241\u2022 Amendments to IAS 1 \u2018Presentation of Financial Statements: Classification of Liabilities as current or non-current\u2019, effective 1 January 2024\u2022 Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 17 \u2018Financial Instruments: Disclosures\u2019: Supplier Finance Arrangements, effective 1 January 2024\u2022 Amendments to IAS 21 \u2018The Effects of Changes in Foreign 1Exchange Rates: Lack of Exchangeability\u2019, effective 1 January 2025 None of the IFRS standards issued, but not yet effective are expected to have a material impact on Barco\u2019s financials.(1) Not yet endorsed by the European Union as at 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__135": {
"value": "IFRS accounting standards adopted as of 2023The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2023. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies, effective 1 January 2023\u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates, effective 1 January 2023\u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction, effective 1 January 2023 \u2022 IFRS 17 \u2018Insurance contracts\u2019, effective 1 January 2023\u2022 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information, issued on 9 December 2021, effective 1 January 2023\u2022 Amendments to IAS 12 \u2018Income Taxes\u2019: International Tax Reform \u2013 Pillar Two Model Rules, effective 1 January 2023:In May 2023, the IASB has issued these amendments introducing:\u2022 a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and \u2022 targeted disclosure requirements for affected entities.The Amendments note that the mandatory temporary excep-tion provides entities with relief from accounting for deferred taxes in relation to this new tax legislation allowing stake-holders time to assess the implications. It also avoids entities developing diverse interpretations of IAS 12 that could result in inconsistent application of the standard, and further requires an entity to disclose that it has applied the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.The group has applied the mandatory temporary exception issued by the IASB in May 2023 which has refrained the Group from recognising and disclosing deferred tax assets and lia-bilities related to Pillar Two income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two Model Rules published by the OECD, including tax law that implements qualified domestic minimum top-up taxes.The disclosure requirements for affected entities require, for periods in which Pillar Two legislation is (substantively) enacted but not yet effective, disclosure of qualitative and quantitative information about an entity\u2019s exposure to Pillar Two income taxes at the end of the reporting period.On 14 December 2023, the Belgian government has enacted the Pillar Two income taxes legislation effective from 1 January 2024. Given that the consolidated revenue threshold of EUR 750 million is exceeded, the Group will be required to pay top up tax on profits of its subsidiaries that are taxed at an effective tax rate of less than 15 per cent. With nearly all subsidiaries expected to be eligible for the Transitional (Country-by-Country Reporting) Safe Harbours, which have been included in the Belgian law in line with the OECD guidance released on 20 December 2022, the main jurisdiction(s) in which exposures to top up tax may exist is Belgium. Based on the quantitative analysis performed on the basis of the profits and tax expense determined as part of the preparation of the group\u2019s consolidated financial statements, considering certain adjustments that would have been required applying the legislation, no material impact is to be expected on the group effective tax rate.IFRS accounting standards issued but not yet effective as of 2023Standards issued but not yet effectiveThe standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these standards and interpretations, if applicable, when they become effective.\u2022 Amendments to IFRS 16 \u2018Leases\u2019: Lease Liability in a Sale and Leaseback, effective 1 January 20241\u2022 Amendments to IAS 1 \u2018Presentation of Financial Statements: Classification of Liabilities as current or non-current\u2019, effective 1 January 2024\u2022 Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 17 \u2018Financial Instruments: Disclosures\u2019: Supplier Finance Arrangements, effective 1 January 2024\u2022 Amendments to IAS 21 \u2018The Effects of Changes in Foreign 1Exchange Rates: Lack of Exchangeability\u2019, effective 1 January 2025 None of the IFRS standards issued, but not yet effective are expected to have a material impact on Barco\u2019s financials.(1) Not yet endorsed by the European Union as at 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__134": {
"value": "IFRS accounting standards adopted as of 2023The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2023. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies, effective 1 January 2023\u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates, effective 1 January 2023\u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction, effective 1 January 2023 \u2022 IFRS 17 \u2018Insurance contracts\u2019, effective 1 January 2023\u2022 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information, issued on 9 December 2021, effective 1 January 2023\u2022 Amendments to IAS 12 \u2018Income Taxes\u2019: International Tax Reform \u2013 Pillar Two Model Rules, effective 1 January 2023:In May 2023, the IASB has issued these amendments introducing:\u2022 a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and \u2022 targeted disclosure requirements for affected entities.The Amendments note that the mandatory temporary excep-tion provides entities with relief from accounting for deferred taxes in relation to this new tax legislation allowing stake-holders time to assess the implications. It also avoids entities developing diverse interpretations of IAS 12 that could result in inconsistent application of the standard, and further requires an entity to disclose that it has applied the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.The group has applied the mandatory temporary exception issued by the IASB in May 2023 which has refrained the Group from recognising and disclosing deferred tax assets and lia-bilities related to Pillar Two income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two Model Rules published by the OECD, including tax law that implements qualified domestic minimum top-up taxes.The disclosure requirements for affected entities require, for periods in which Pillar Two legislation is (substantively) enacted but not yet effective, disclosure of qualitative and quantitative information about an entity\u2019s exposure to Pillar Two income taxes at the end of the reporting period.On 14 December 2023, the Belgian government has enacted the Pillar Two income taxes legislation effective from 1 January 2024. Given that the consolidated revenue threshold of EUR 750 million is exceeded, the Group will be required to pay top up tax on profits of its subsidiaries that are taxed at an effective tax rate of less than 15 per cent. With nearly all subsidiaries expected to be eligible for the Transitional (Country-by-Country Reporting) Safe Harbours, which have been included in the Belgian law in line with the OECD guidance released on 20 December 2022, the main jurisdiction(s) in which exposures to top up tax may exist is Belgium. Based on the quantitative analysis performed on the basis of the profits and tax expense determined as part of the preparation of the group\u2019s consolidated financial statements, considering certain adjustments that would have been required applying the legislation, no material impact is to be expected on the group effective tax rate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__139": {
"value": "IFRS accounting standards issued but not yet effective as of 2023Standards issued but not yet effectiveThe standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these standards and interpretations, if applicable, when they become effective.\u2022 Amendments to IFRS 16 \u2018Leases\u2019: Lease Liability in a Sale and Leaseback, effective 1 January 20241\u2022 Amendments to IAS 1 \u2018Presentation of Financial Statements: Classification of Liabilities as current or non-current\u2019, effective 1 January 2024\u2022 Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 17 \u2018Financial Instruments: Disclosures\u2019: Supplier Finance Arrangements, effective 1 January 2024\u2022 Amendments to IAS 21 \u2018The Effects of Changes in Foreign 1Exchange Rates: Lack of Exchangeability\u2019, effective 1 January 2025 None of the IFRS standards issued, but not yet effective are expected to have a material impact on Barco\u2019s financials.(1) Not yet endorsed by the European Union as at 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__138-1": {
"value": "In May 2023, the IASB has issued these amendments introducing:\u2022 a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and \u2022 targeted disclosure requirements for affected entities.The Amendments note that the mandatory temporary excep-tion provides entities with relief from accounting for deferred taxes in relation to this new tax legislation allowing stake-holders time to assess the implications. It also avoids entities developing diverse interpretations of IAS 12 that could result in inconsistent application of the standard, and further requires an entity to disclose that it has applied the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.The group has applied the mandatory temporary exception issued by the IASB in May 2023 which has refrained the Group from recognising and disclosing deferred tax assets and lia-bilities related to Pillar Two income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two Model Rules published by the OECD, including tax law that implements qualified domestic minimum top-up taxes.The disclosure requirements for affected entities require, for periods in which Pillar Two legislation is (substantively) enacted but not yet effective, disclosure of qualitative and quantitative information about an entity\u2019s exposure to Pillar Two income taxes at the end of the reporting period.On 14 December 2023, the Belgian government has enacted the Pillar Two income taxes legislation effective from 1 January 2024. Given that the consolidated revenue threshold of EUR 750 million is exceeded, the Group will be required to pay top up tax on profits of its subsidiaries that are taxed at an effective tax rate of less than 15 per cent. With nearly all subsidiaries expected to be eligible for the Transitional (Country-by-Country Reporting) Safe Harbours, which have been included in the Belgian law in line with the OECD guidance released on 20 December 2022, the main jurisdiction(s) in which exposures to top up tax may exist is Belgium. Based on the quantitative analysis performed on the basis of the profits and tax expense determined as part of the preparation of the group\u2019s consolidated financial statements, considering certain adjustments that would have been required applying the legislation, no material impact is to be expected on the group effective tax rate.6. Income taxesIn thousands of euro Note 2023 2022 2021Current versus deferred income taxesCurrent income taxes -19,573 -13,301 -5,333Deferred income taxes 10 2,297 -2,626 3,201Income taxes -17, 276 -15,927 -2,132Income taxes versus income before taxesEBIT 91,295 87,643 12,953Interest income (expense) - net 4,684 843 -1,110Income before taxes 95,979 88,486 11,843Income taxes -17,276 -15,927 -2,132Effective income tax rate % 18.0% 18.0% 18.0%Income before taxes 95,979 88,486 11,843Theoretical tax rate % 25% 25% 25%Theoretical tax credit/(cost) -23,995 -22,122 -2,961Innovation income deduction (IID) 9,098 6,518 5,224Effect of different tax rates in non-Belgian affiliates -902 -523 546Changes in deferred tax on undistributed earnings (a) -4,500 - -Uncertain tax treatment (b) 250 60 280Income not taxed Other income exempt from tax (mainly government grants) 4,298 2,758 1,706Non deductible expenses Dividends received (c) -132 -90 -319 Other non-deductible expenses -1,942 -1,693 -2,038Tax adjustments related to prior periods -14 -773 -165Deferred tax assets, derecognized in current year (d) -1,078 -420 -9,377Set-up/use of deferred tax assets, not recognized in prior years 99 357 533Realized capital gain on investment in affiliates (e) 1,542 - 4,439Taxes related to current income before taxes -17,276 -15,927 -2,132(a) Deferred tax recognized on undistributed earnings of subsidiaries which are expected to be distributed in the foreseeable future.(b) 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.(c) Includes withholding taxes on dividends received and tax impact of intragroup dividends that did not apply for a dividend received exemption regime to their full extent.(d) 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 mainly in Barco NV (Belgium). Reference is made to note 10. (e) Net gain on investments realized in Barco NV exempted from tax. The gain in 2021 related to the liquidation of Barco Taiwan Technology Ltd.10. Deferred tax assets \u2013 deferred tax liabilitiesThe deferred tax asset and liability balance comprises temporary differences attributable to:Assets Liabilities Net asset/(liability)In thousands of euro 2023 2022 2021 2023 2022 2021 2023 2022 2021Tax value of loss carry forwards 15,948 13,721 10,201 - - - 15,948 13,721 10,201Tax value of tax credits 13,952 17,920 26,586 - - - 13,952 17,920 26,586Deferred revenue 10,973 10,227 9,961 - - - 10,973 10,227 9,961Inventory 12,050 8,837 8,573 -104 -211 -34 11,946 8,626 8,539Provisions 6,277 6,062 8,477 -1,009 122 -32 5,268 6,184 8,445Tangible fixed assets and software 5,724 1,580 2,031 -353 -363 -678 5,371 1,217 1,353Employee benefits 1,471 1,333 1,024 -33 258 88 1,438 1,591 1,112Trade debtors 184 416 362 - - - 184 416 362Capitalized development cost 55 6 - -1 - - 54 6 -Uncertain tax positions (UTP) - - - -2,810 -3,060 -3,120 -2,810 -3,060 -3,120Patents, licenses, ... - - - -5,015 -5,704 -3,792 -5,015 -5,704 -3,792Other items 852 906 754 -4,698 -40 -68 -3,846 866 686Gross tax assets/(liabilities)67,486 61,008 67,969 -14,022 -8,998 -7,636 53,464 52,010 60,333Offset of tax-10,446 -5,769 -3,814 10,446 5,769 3,814 - - -Net tax assets/(liabilities)57,040 55,239 64,155 -3,576 -3,229 -3,822 53,464 52,010 60,333Other items included deferred tax liability recognized on undis-tributed earnings for 4.5 million euro (see note 6. Income taxes).Movements in the deferred tax assets / (liabilities) arise from the following:As at Recognized through Recognized Exchange gains and As at In thousands of euro1 January 2023 income statementthrough OCI Reclassificationslosses31 December 2023Tax value of loss carry forwards 13,721 3,520 - -605 -688 15,948Tax value of tax credits 17,920 -4,668 - 702 -2 13,952Deferred revenue 10,227 1,205 - -219 -240 10,973Inventory 8,626 2,548 - 943 -171 11,946Provisions 6,184 -444 324 -736 -60 5,268Tangible fixed assets and software 1,217 3,645 - 527 -18 5,371Employee benefits 1,591 419 - -558 -14 1,438Trade debtors 416 -74 - -154 -4 184Capitalized development cost 6 -9 - 56 2 54Uncertain tax positions (UTP) -3,060 250 - - - -2,810Patents, licenses, ... -5,704 604 - 64 22 -5,015Other items 866 -4,698 - -20 5 -3,846Net deferred tax 52,010 2,297 324 - -1,168 53,464Deferred tax assets have been recognized in 2023 on tax attri-butes carried forward in following countries (in million euro):In thousands of euroTax Losses R&D tax credits and Innovation Tax value of carried forwardInvestments deductionsincome deductiontax creditsBelgium 21,710 1,038 12,275 13,313Canada 1,927 639 - 639China 8,062 - - -Germany 5,317 - - -Sweden 460 - - -Total 3 7,476 1,677 12,275 13,952Valuation allowance -21,528 - - -Net deferred tax 15,948 1,677 12,275 13,952On these items for which a deferred tax asset is recognized, the Group has recorded a valuation allowance of 21.5 million euro (18.3 million euro in 2022). 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 it is probable that some portion or all of the deferred tax assets will not be realized within the foreseeable future.In assessing the realization of deferred tax assets, manage-ment considers whether it is probable that some portion or all of the deferred tax assets will be realized within the foresee-able future. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable profit during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable profit and foreseeable tax events in making this assessment. In 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 additional liabilities for 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 exemp-tions) on which the Group has not recognized income taxes was approximately 517 million euro per December 31, 2023 (2022: 488 million euro, 2021: 504 million euro).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__137-1": {
"value": "In May 2023, the IASB has issued these amendments introducing:\u2022 a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and \u2022 targeted disclosure requirements for affected entities.The Amendments note that the mandatory temporary excep-tion provides entities with relief from accounting for deferred taxes in relation to this new tax legislation allowing stake-holders time to assess the implications. It also avoids entities developing diverse interpretations of IAS 12 that could result in inconsistent application of the standard, and further requires an entity to disclose that it has applied the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.The group has applied the mandatory temporary exception issued by the IASB in May 2023 which has refrained the Group from recognising and disclosing deferred tax assets and lia-bilities related to Pillar Two income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two Model Rules published by the OECD, including tax law that implements qualified domestic minimum top-up taxes.The disclosure requirements for affected entities require, for periods in which Pillar Two legislation is (substantively) enacted but not yet effective, disclosure of qualitative and quantitative information about an entity\u2019s exposure to Pillar Two income taxes at the end of the reporting period.On 14 December 2023, the Belgian government has enacted the Pillar Two income taxes legislation effective from 1 January 2024. Given that the consolidated revenue threshold of EUR 750 million is exceeded, the Group will be required to pay top up tax on profits of its subsidiaries that are taxed at an effective tax rate of less than 15 per cent. With nearly all subsidiaries expected to be eligible for the Transitional (Country-by-Country Reporting) Safe Harbours, which have been included in the Belgian law in line with the OECD guidance released on 20 December 2022, the main jurisdiction(s) in which exposures to top up tax may exist is Belgium. Based on the quantitative analysis performed on the basis of the profits and tax expense determined as part of the preparation of the group\u2019s consolidated financial statements, considering certain adjustments that would have been required applying the legislation, no material impact is to be expected on the group effective tax rate.\u2022 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 \u2018Deferred tax assets \u2013 deferred tax liabilities\u2019) and local tax laws enacted at the reporting date.\u2022 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 \u2018 Deferred tax assets \u2013 deferred tax liabilities\u2019).6. Income taxesIn thousands of euro Note 2023 2022 2021Current versus deferred income taxesCurrent income taxes -19,573 -13,301 -5,333Deferred income taxes 10 2,297 -2,626 3,201Income taxes -17, 276 -15,927 -2,132Income taxes versus income before taxesEBIT 91,295 87,643 12,953Interest income (expense) - net 4,684 843 -1,110Income before taxes 95,979 88,486 11,843Income taxes -17,276 -15,927 -2,132Effective income tax rate % 18.0% 18.0% 18.0%Income before taxes 95,979 88,486 11,843Theoretical tax rate % 25% 25% 25%Theoretical tax credit/(cost) -23,995 -22,122 -2,961Innovation income deduction (IID) 9,098 6,518 5,224Effect of different tax rates in non-Belgian affiliates -902 -523 546Changes in deferred tax on undistributed earnings (a) -4,500 - -Uncertain tax treatment (b) 250 60 280Income not taxed Other income exempt from tax (mainly government grants) 4,298 2,758 1,706Non deductible expenses Dividends received (c) -132 -90 -319 Other non-deductible expenses -1,942 -1,693 -2,038Tax adjustments related to prior periods -14 -773 -165Deferred tax assets, derecognized in current year (d) -1,078 -420 -9,377Set-up/use of deferred tax assets, not recognized in prior years 99 357 533Realized capital gain on investment in affiliates (e) 1,542 - 4,439Taxes related to current income before taxes -17,276 -15,927 -2,132(a) Deferred tax recognized on undistributed earnings of subsidiaries which are expected to be distributed in the foreseeable future.(b) 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.(c) Includes withholding taxes on dividends received and tax impact of intragroup dividends that did not apply for a dividend received exemption regime to their full extent.(d) 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 mainly in Barco NV (Belgium). Reference is made to note 10. (e) Net gain on investments realized in Barco NV exempted from tax. The gain in 2021 related to the liquidation of Barco Taiwan Technology Ltd.10. Deferred tax assets \u2013 deferred tax liabilitiesThe deferred tax asset and liability balance comprises temporary differences attributable to:Assets Liabilities Net asset/(liability)In thousands of euro 2023 2022 2021 2023 2022 2021 2023 2022 2021Tax value of loss carry forwards 15,948 13,721 10,201 - - - 15,948 13,721 10,201Tax value of tax credits 13,952 17,920 26,586 - - - 13,952 17,920 26,586Deferred revenue 10,973 10,227 9,961 - - - 10,973 10,227 9,961Inventory 12,050 8,837 8,573 -104 -211 -34 11,946 8,626 8,539Provisions 6,277 6,062 8,477 -1,009 122 -32 5,268 6,184 8,445Tangible fixed assets and software 5,724 1,580 2,031 -353 -363 -678 5,371 1,217 1,353Employee benefits 1,471 1,333 1,024 -33 258 88 1,438 1,591 1,112Trade debtors 184 416 362 - - - 184 416 362Capitalized development cost 55 6 - -1 - - 54 6 -Uncertain tax positions (UTP) - - - -2,810 -3,060 -3,120 -2,810 -3,060 -3,120Patents, licenses, ... - - - -5,015 -5,704 -3,792 -5,015 -5,704 -3,792Other items 852 906 754 -4,698 -40 -68 -3,846 866 686Gross tax assets/(liabilities)67,486 61,008 67,969 -14,022 -8,998 -7,636 53,464 52,010 60,333Offset of tax-10,446 -5,769 -3,814 10,446 5,769 3,814 - - -Net tax assets/(liabilities)57,040 55,239 64,155 -3,576 -3,229 -3,822 53,464 52,010 60,333Other items included deferred tax liability recognized on undis-tributed earnings for 4.5 million euro (see note 6. Income taxes).Movements in the deferred tax assets / (liabilities) arise from the following:As at Recognized through Recognized Exchange gains and As at In thousands of euro1 January 2023 income statementthrough OCI Reclassificationslosses31 December 2023Tax value of loss carry forwards 13,721 3,520 - -605 -688 15,948Tax value of tax credits 17,920 -4,668 - 702 -2 13,952Deferred revenue 10,227 1,205 - -219 -240 10,973Inventory 8,626 2,548 - 943 -171 11,946Provisions 6,184 -444 324 -736 -60 5,268Tangible fixed assets and software 1,217 3,645 - 527 -18 5,371Employee benefits 1,591 419 - -558 -14 1,438Trade debtors 416 -74 - -154 -4 184Capitalized development cost 6 -9 - 56 2 54Uncertain tax positions (UTP) -3,060 250 - - - -2,810Patents, licenses, ... -5,704 604 - 64 22 -5,015Other items 866 -4,698 - -20 5 -3,846Net deferred tax 52,010 2,297 324 - -1,168 53,464Deferred tax assets have been recognized in 2023 on tax attri-butes carried forward in following countries (in million euro):In thousands of euroTax Losses R&D tax credits and Innovation Tax value of carried forwardInvestments deductionsincome deductiontax creditsBelgium 21,710 1,038 12,275 13,313Canada 1,927 639 - 639China 8,062 - - -Germany 5,317 - - -Sweden 460 - - -Total 3 7,476 1,677 12,275 13,952Valuation allowance -21,528 - - -Net deferred tax 15,948 1,677 12,275 13,952On these items for which a deferred tax asset is recognized, the Group has recorded a valuation allowance of 21.5 million euro (18.3 million euro in 2022). 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 it is probable that some portion or all of the deferred tax assets will not be realized within the foreseeable future.In assessing the realization of deferred tax assets, manage-ment considers whether it is probable that some portion or all of the deferred tax assets will be realized within the foresee-able future. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable profit during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable profit and foreseeable tax events in making this assessment. In 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 additional liabilities for 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 exemp-tions) on which the Group has not recognized income taxes was approximately 517 million euro per December 31, 2023 (2022: 488 million euro, 2021: 504 million euro).",
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"s10_notes__7__144-1": {
"value": "Key sources of estimation uncertainty\u2022 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 \u2018Deferred tax assets \u2013 deferred tax liabilities\u2019) and local tax laws enacted at the reporting date.\u2022 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 \u2018 Deferred tax assets \u2013 deferred tax liabilities\u2019).\u2022 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.\u2019Goodwill\u2019). The outcome of the goodwill impairment test performed in the last quarter of 2023, did not result in an impairment loss.\u2022 Write offs on inventories: Inventories are stated at the lower of cost or net realizable value. The calculation of the allowance 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 uncertainty due to rapid technological changes. On top of the minimum rules, more severe rules are applied in case of for example the deci-sion to stop a business unit or product 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).8. GoodwillIn thousands of euro 2023 2022 2021At cost 179,775 179,775 179,775Impairment 74,163 74,163 74,163Net book value 105,612 105,612 105,612There are no changes to goodwill over the period 2021-2023 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\u2019s 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\u2019s 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. For 2023 and 2022 the high level of conservatism is again applied to be consistent with prior year testing. In 2021, an appropriate level of conservatism was applied, to take into account covid-19 related uncertainty. Over the past 3 years, the outcome of the impair-ment tests on goodwill impairment tests performed did not result in any impairment loss. See below for explanations on the impairment testing performed.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 seen in the table on the right.The allocation remained the same over 2023, 2022 and 2021. The Group performed its annual impairment test in the fourth quarter of 2023 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 2023, the market capitalization of the Group was almost two 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 9.5% (2022: 10.1%; 2021: 8.7%) and cash flows beyond the five-year period are extrapolated using a conservative growth rate of 0% (2022 and 2021: 0%).Cash-generating units in thousands of euro 2023-2021Healthcare 28,263 Enterprise 41,785 Entertainment 35,564 Total goodwill (net book value) 105,612 The amount by which the unit\u2019s recoverable amount exceeds its carrying amount is 79 million euro (151 million euro in 2022) in Healthcare, 313 million euro in Enterprise (130 million euro in 2022) and 66 million euro in Entertainment (106 million euro in 2022). For Healthcare, the decrease compared to last year is fully explained by the lower 2023 sales level which is the starting point for the impairment exercise at 0% sales growth over the projected period, while having a higher work-ing capital. Lower headroom in Entertainment is explained by the higher carrying amount due to investments for cine-ma-as-a-service and higher working capital while sales level and EBITDA % increased compared to 2022. Even with this high level of conservatism applied, we can conclude that there is no impairment risk.The same level of conservatism is applied to the EBITDA %, where we used the average of the last 2 years (2023-2022), excluding the covid impacted year (2021).A similar approach has been used in the past, where the EBITDA % used was the average of the last 3 years, except for Entertainment where we used the pre-covid EBITDA level of 9.2% in the 2022 goodwill impairment test.Despite the high level of conservatism applied, all three divi-sions have sufficient headroom.A sensitivity analysis is performed on all cash-generating units with respect to the discount rate (see Sensitivity to changes in assumptions \u2013 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 testKey assumptions used in value-in-use calculationsThe calculation of value-in-use for all cash-generating units is most sensitive to the following assumptions:\u2022 Sales growth rate used during the projection period;\u2022 EBITDA; \u2022 Growth rate used to extrapolate cash flows beyond the budget period;\u2022 Discount rate;The assumptions are shown in below table:Healthcare Enterprise EntertainmentSales growth rate used during the projection period 0.0% 0.0% 0.0%EBITDA as % of sales 10.5% 18.9% 9.7%Growth rate estimates 0.0% 0.0% 0.0%Discount rate 9.5% 9.5% 9.5%Sales growth rate used during the projection period \u2013 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 \u2013 EBITDA as percentage of sales is based on average percentages over the two years preceding the start of the budget period for all divisions and has been kept conservatively flat over the projected period.Growth rate estimates \u2013 The long-term rate used to extrapolate the projection has been kept conservatively at zero % for all cash-generating units.Discount rate \u2013 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.Sensitivity to changes in assumptionsPer 31 December 2023, 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 \u2013 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 4%, 15% and 2% would result in an impairment.Discount rates \u2013 Management has considered the possibility of a significant higher weighted average cost to test the sen-sitivity. For none of the cash-generating units this leads to an impairment.Growth rate estimate (beyond the projection period) \u2013 For all divisions, no reasonable possible change in the growth rate, used to extrapolate beyond the projection period, would result in an impairment.10. Deferred tax assets \u2013 deferred tax liabilitiesThe deferred tax asset and liability balance comprises temporary differences attributable to:Assets Liabilities Net asset/(liability)In thousands of euro 2023 2022 2021 2023 2022 2021 2023 2022 2021Tax value of loss carry forwards 15,948 13,721 10,201 - - - 15,948 13,721 10,201Tax value of tax credits 13,952 17,920 26,586 - - - 13,952 17,920 26,586Deferred revenue 10,973 10,227 9,961 - - - 10,973 10,227 9,961Inventory 12,050 8,837 8,573 -104 -211 -34 11,946 8,626 8,539Provisions 6,277 6,062 8,477 -1,009 122 -32 5,268 6,184 8,445Tangible fixed assets and software 5,724 1,580 2,031 -353 -363 -678 5,371 1,217 1,353Employee benefits 1,471 1,333 1,024 -33 258 88 1,438 1,591 1,112Trade debtors 184 416 362 - - - 184 416 362Capitalized development cost 55 6 - -1 - - 54 6 -Uncertain tax positions (UTP) - - - -2,810 -3,060 -3,120 -2,810 -3,060 -3,120Patents, licenses, ... - - - -5,015 -5,704 -3,792 -5,015 -5,704 -3,792Other items 852 906 754 -4,698 -40 -68 -3,846 866 686Gross tax assets/(liabilities)67,486 61,008 67,969 -14,022 -8,998 -7,636 53,464 52,010 60,333Offset of tax-10,446 -5,769 -3,814 10,446 5,769 3,814 - - -Net tax assets/(liabilities)57,040 55,239 64,155 -3,576 -3,229 -3,822 53,464 52,010 60,333Other items included deferred tax liability recognized on undis-tributed earnings for 4.5 million euro (see note 6. Income taxes).Movements in the deferred tax assets / (liabilities) arise from the following:As at Recognized through Recognized Exchange gains and As at In thousands of euro1 January 2023 income statementthrough OCI Reclassificationslosses31 December 2023Tax value of loss carry forwards 13,721 3,520 - -605 -688 15,948Tax value of tax credits 17,920 -4,668 - 702 -2 13,952Deferred revenue 10,227 1,205 - -219 -240 10,973Inventory 8,626 2,548 - 943 -171 11,946Provisions 6,184 -444 324 -736 -60 5,268Tangible fixed assets and software 1,217 3,645 - 527 -18 5,371Employee benefits 1,591 419 - -558 -14 1,438Trade debtors 416 -74 - -154 -4 184Capitalized development cost 6 -9 - 56 2 54Uncertain tax positions (UTP) -3,060 250 - - - -2,810Patents, licenses, ... -5,704 604 - 64 22 -5,015Other items 866 -4,698 - -20 5 -3,846Net deferred tax 52,010 2,297 324 - -1,168 53,464Deferred tax assets have been recognized in 2023 on tax attri-butes carried forward in following countries (in million euro):In thousands of euroTax Losses R&D tax credits and Innovation Tax value of carried forwardInvestments deductionsincome deductiontax creditsBelgium 21,710 1,038 12,275 13,313Canada 1,927 639 - 639China 8,062 - - -Germany 5,317 - - -Sweden 460 - - -Total 3 7,476 1,677 12,275 13,952Valuation allowance -21,528 - - -Net deferred tax 15,948 1,677 12,275 13,952On these items for which a deferred tax asset is recognized, the Group has recorded a valuation allowance of 21.5 million euro (18.3 million euro in 2022). 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 it is probable that some portion or all of the deferred tax assets will not be realized within the foreseeable future.In assessing the realization of deferred tax assets, manage-ment considers whether it is probable that some portion or all of the deferred tax assets will be realized within the foresee-able future. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable profit during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable profit and foreseeable tax events in making this assessment. In 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 additional liabilities for 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 exemp-tions) on which the Group has not recognized income taxes was approximately 517 million euro per December 31, 2023 (2022: 488 million euro, 2021: 504 million euro).12. InventoryIn thousands of euro 2023 2022 2021Raw materials and consumables 100,199 120,610 90,139Work in progress 69,376 79,993 64,384Finished goods 144,539 123,930 92,931Write-off on inventories -82,593 -78,819 -71,957Inventory 231,521 245,714 175,496Inventory turns 2.1 2.1 2.4Inventory in 2023, remained at a high level throughout the year, but started to decrease over the course of the second half of the year, resulting in a decrease by -6% compared to last year. Inventory at the end of 2022 was record high due to increased component prices and safety buffers that were stocked for a number of scarce components and additional component purchases that were made in expectation of upcoming price increases in 2023. Turns in 2023 remain low at 2.1.Significant slowdown on component purchases resulted in a material decrease of raw materials (-20 million euro) and work in progress (\u20ac -10 million). The drop in raw materials and work in progress was for the most part offset by an increase in fin-ished goods inventory (+ 20 million euro). Higher inventories of finished goods include the build-up of 3-4 months buffer inventory in China and Italy as a result of the focused factories strategy and transfer of production, and higher goods in transit as a result of longer lead times between the Suzhou factory in China and European and US customers (transfer over sea).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. The two divisions that were impacted the most by the supply constraints in 2022, Entertainment and Healthcare show the highest decrease in raw materials, as supply constraints are resolved in 2023.We refer to chapter \u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 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 2023 write-offs recognized as expense represent 1.2% of sales or 12.1 million euro, compared to 0.7% in 2022 and 2021.19. ProvisionsBalance AdditionalAmountsUnused amounts Remeasurement Translation Balance BalanceIn thousands of eurosheet 2023provisions madeused reversed Transfersgains/(losses) on DBO(losses) / gainssheet 2022sheet 2021Total long-term provision 15,131 2,886 -1,899 - 818 -1,297 -376 14,998 31,175Defined benefit obligations (b)4,870 1,650 -233 - - -1,297 -140 4,891 22,826Technical warranty (a)9,677 686 -1,666 - 818 - -248 10,087 8,332Other claims and risks (d)583 550 - - - - 12 20 18Total short-term provision 10,284 12,241 -8,761 -1,585 -818 - -119 9,325 8,537Technical warranty (a)3,951 102 -59 - -818 - -90 4,816 3,807Restructuring provision (c)4,399 9,500 -6,849 - - - - 1,748 458Other claims and risks (d)1,934 2,639 -1,853 -1,585 - - -29 2,761 4,272Provisions 25,415 15,128 -10,660 -1 ,585 - -1,297 -494 24,323 39,712(a) Technical warrantyProvisions 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 \u2018standard\u2019 (mostly 2 years) warranty period, provisions related to extended warranty periods and provisions for specific claims/issues.(b) Defined benefit obligationsAs per 31 December 2023, 2022 and 2021, the defined benefit obligations are composed of:In thousands of euro 2023 2022 2021Pension plans in Belgium 793 732 17,835Early retirement plans in Belgium 71 104 155Local legal requirements (mainly Italy, Korea, Japan, Germany, France) 3,735 3,762 4,590A small number of individual plans 270 293 246Total 4,870 4,891 22,826Belgian 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 and 4 defined benefit plans in Cinionic Belgium, for which we show below the aggregated view as these do not differ materially from characteristics, regulatory environment, reporting seg-ment or funding arrangement. In accordance with IAS 19 the disclosure is in the form of a weighted average.2023, 2022 and 2021 changes in the Belgian defined benefit obligation and fair value of plan assets:2023 2022 2021Defined Fair value Net defined Defined Fair value Net defined Defined Fair value Net defined benefit of plan benefit benefit of plan benefit benefit of plan benefit In thousands of euroobligationassetsliabilityobligationassetsliabilityobligationassetsliabilityPension cost charged to P/LOn 1 January 116,560 -115,828 732 130,214 -112,378 17,835 134,340 -108,150 26,190Service cost 5,844 5,844 5,575 5,575 5,639 5,639Net interest expense 4,253 -4,401 -149 987 -862 126 388 -310 78Decrease due to curtailement - - -Sub-total included in profit or loss 10,096 -4,401 5,695 6,562 -862 5,701 6,026 -310 5,716Benefits paid -4,020 4,020 - -3,030 3,030 - -2,383 2,383 -Remeasurement gains/losses in OCIIncrease due to effect of transfers -270 270 - - -Increase due to the effect plan combinations 206 -206Return on plan assets (excluding amounts included in net interest expense) 1,155 1,155 -1,210 -1,210 -2,231 -2,231Actuarial changes arising from changes in demographic assumptions - - -Actuarial changes arising from changes in financial assumptions -319 -319 -16,172 -16,172 -5,679 -5,679Actuarial changes arising from changes in methodology -7,188 7,238 50 - -Actuarial changes arising from experience adjustments 410 410 -1,014 -1,014 -2,091 -2,091Sub-total included in OCI -7,160 8,457 1,297 -17,186 -1,210 -18,395 -7,769 -2,231 -10,000Contributions by employer -6,931 -6,931 -4,409 -4,409 -4,070 -4,070On 31 December 115,476 -114,683 793 116,560 -115,828 732 130,214 -112,378 17,835For the closed plans with a plan asset value below 0.5 million euro, a confirmation and full recalculation of the plan assets will be done if there are still active members every 6 years. These plans will be revalued in 2028.For the closed plans with a plan asset value above 0.5 million euro, but with no active members and for the closed plans above 0.5 million euro and with active members, a confirma-tion and full recalculation of the plan assets will be done, if there are still active members, every 3 years. These plans will be revalued in 2025.This change in methodology is reflected in the line \u2018actual changes arising from changes in methodology\u2019.In 2023 the net defined benefit liability was in line with 2022, amounting to 0.8 million euro. A positive P&L impact of 1.3 million euro was recorded as the higher discount rate on the employer contributions reduces the service cost, offset by -1.2 million euro recorded via other comprehensive income for change in parameters (merit/inflation, discount rate).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 fair value of the plan assets (115.5 million euro) are fully invested in insurance policies. In 2023, the target asset mix slightly changed compared to 2022 and consists of 66.50% government bonds (2022: 67.50%), 12% real estate (2022: 14%), 7.5% corporate bonds (2022: 7.50%), 7% corporate loans (2022: 6%) and 7% shares (2022: 5%).The principal assumptions used in determining pension obli-gations for the Group's plans are shown below:2023 2022 2021Discount rate 4.11% 3.73%0.77%Future salary increases* 6.55% 8.81% 2.43%Future consumer price 6.05% 8.14% 1.75%index increases**(*) 6.55% in 2023-2024; 2.5% from 2025(**) 6.05% in 2023-2024; 2.0% from 2025The following overview summarizes the sensitivity analysis performed for significant assumptions as at 31 December. The figures show the impact on the defined benefit obligation.In thousands of euro 2023 2022 2021Discount rate0.25% decrease 284 331 2,8340.25% increase -198 -265 -4,305Future salary change0.25% decrease -134 -143 -1,0360.25% increase 176 112 1,093Future consumer price index change0.25% decrease -81 -88 -6090.25% increase 96 106 615The 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 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 2023 2022 2021Within the next 12 months 5,853 4,750 3,724Between 2 and 5 years 31,263 33,002 24,696Between 5 and 10 years 38,968 40,332 41,648Total expected payments 76,084 78,084 70,068The average duration of the defined benefit plan obligation at the end of the reporting period is 10.1 years (11.3 years in 2022 and 12.3 years in 2021). The expected employer contributions to the plan for the next annual reporting period amounts to 5.9 million euro (9 million euro in 2023 and 3.9 million euro in 2022); the employee contributions are expected to amount to 1.3 mil-lion euro (1.2 million euro in 2023 and 1.1 million euro in 2022).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.(c) Restructuring provisionSee note 5 Restructuring and impairments. We refer to the accounting standards on provisions including provisions on restructuring.(d) Other claims and risksThis 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 2023, no payments occurred under this earn-out.",
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},
"s10_notes__7__140": {
"value": "Key sources of estimation uncertainty\u2022 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 \u2018Deferred tax assets \u2013 deferred tax liabilities\u2019) and local tax laws enacted at the reporting date.\u2022 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 \u2018 Deferred tax assets \u2013 deferred tax liabilities\u2019).\u2022 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.\u2019Goodwill\u2019). The outcome of the goodwill impairment test performed in the last quarter of 2023, did not result in an impairment loss.\u2022 Write offs on inventories: Inventories are stated at the lower of cost or net realizable value. The calculation of the allowance 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 uncertainty due to rapid technological changes. On top of the minimum rules, more severe rules are applied in case of for example the deci-sion to stop a business unit or product 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).",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__149-1": {
"value": "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.\u2019Goodwill\u2019). The outcome of the goodwill impairment test performed in the last quarter of 2023, did not result in an impairment loss.5. Restructuring and impairment costsThe table below shows the restructuring and impairment costs recognized in the income statement.In thousands of euro Note 2023 2022 2021Restructuring (cash) 19 -9,500 -2,500 -4,920Impairments (non-cash) -1,311 - -1,500Total restructuring and impairments -10,811 -2,500 -6,420Restructuring charges in 2023 include 9.5 million euro lay-off (cash) costs, linked to the strategic review of Large Video Walls and several other organizational cost efficiencies and affected in total 153 employees. Non-cash restructuring costs relate to 1.3 million euro write off on inventories as a result of the strategic decisions taken in Large Video Walls. Barco has completed the strategic review of its Large Video Walls business, as announced in the beginning of 2023, by the middle of the year with the clear objective to return to sustainable profitability by accelerating investments in software product portfolio and optimizing the organization for success. We refer to CORE report - 06. Our markets for more explana-tion on the transformation of Large Video Walls. The restructuring charges linked to Large Video Walls are a result of the strategic decisions on rebalancing the R&D port-folio, to focus on profitable products and markets and to align supporting sales and marketing activities and service model to the focus on software and workflows.At the end of 2022, the Company has recorded 2.5 million euro of restructuring (cash) costs as a result of scaling down activities.In 2021, as a result of the redesign of the organization 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 for-mer leadership team members, accounted for the moment they stopped providing services to the Company. Restructuring cash costs include a provision for severance of 4.4 million euro (2022: 1.7 million, 2021: 0.5 million euro) (see note 19. Provisions). The people impacted have all been notified before the end of 2023. Their last working day and severance pay out will be in the course of 2024. In 2023 6.8 million euro (2022: 1.2 million euro and in 2021: 8.2 million euro) of restructuring was paid (see consolidated statement of cash flow).8. GoodwillIn thousands of euro 2023 2022 2021At cost 179,775 179,775 179,775Impairment 74,163 74,163 74,163Net book value 105,612 105,612 105,612There are no changes to goodwill over the period 2021-2023 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\u2019s 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\u2019s 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. For 2023 and 2022 the high level of conservatism is again applied to be consistent with prior year testing. In 2021, an appropriate level of conservatism was applied, to take into account covid-19 related uncertainty. Over the past 3 years, the outcome of the impair-ment tests on goodwill impairment tests performed did not result in any impairment loss. See below for explanations on the impairment testing performed.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 seen in the table on the right.The allocation remained the same over 2023, 2022 and 2021. The Group performed its annual impairment test in the fourth quarter of 2023 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 2023, the market capitalization of the Group was almost two 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 9.5% (2022: 10.1%; 2021: 8.7%) and cash flows beyond the five-year period are extrapolated using a conservative growth rate of 0% (2022 and 2021: 0%).Cash-generating units in thousands of euro 2023-2021Healthcare 28,263 Enterprise 41,785 Entertainment 35,564 Total goodwill (net book value) 105,612 The amount by which the unit\u2019s recoverable amount exceeds its carrying amount is 79 million euro (151 million euro in 2022) in Healthcare, 313 million euro in Enterprise (130 million euro in 2022) and 66 million euro in Entertainment (106 million euro in 2022). For Healthcare, the decrease compared to last year is fully explained by the lower 2023 sales level which is the starting point for the impairment exercise at 0% sales growth over the projected period, while having a higher work-ing capital. Lower headroom in Entertainment is explained by the higher carrying amount due to investments for cine-ma-as-a-service and higher working capital while sales level and EBITDA % increased compared to 2022. Even with this high level of conservatism applied, we can conclude that there is no impairment risk.The same level of conservatism is applied to the EBITDA %, where we used the average of the last 2 years (2023-2022), excluding the covid impacted year (2021).A similar approach has been used in the past, where the EBITDA % used was the average of the last 3 years, except for Entertainment where we used the pre-covid EBITDA level of 9.2% in the 2022 goodwill impairment test.Despite the high level of conservatism applied, all three divi-sions have sufficient headroom.A sensitivity analysis is performed on all cash-generating units with respect to the discount rate (see Sensitivity to changes in assumptions \u2013 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 testKey assumptions used in value-in-use calculationsThe calculation of value-in-use for all cash-generating units is most sensitive to the following assumptions:\u2022 Sales growth rate used during the projection period;\u2022 EBITDA; \u2022 Growth rate used to extrapolate cash flows beyond the budget period;\u2022 Discount rate;The assumptions are shown in below table:Healthcare Enterprise EntertainmentSales growth rate used during the projection period 0.0% 0.0% 0.0%EBITDA as % of sales 10.5% 18.9% 9.7%Growth rate estimates 0.0% 0.0% 0.0%Discount rate 9.5% 9.5% 9.5%Sales growth rate used during the projection period \u2013 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 \u2013 EBITDA as percentage of sales is based on average percentages over the two years preceding the start of the budget period for all divisions and has been kept conservatively flat over the projected period.Growth rate estimates \u2013 The long-term rate used to extrapolate the projection has been kept conservatively at zero % for all cash-generating units.Discount rate \u2013 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.Sensitivity to changes in assumptionsPer 31 December 2023, 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 \u2013 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 4%, 15% and 2% would result in an impairment.Discount rates \u2013 Management has considered the possibility of a significant higher weighted average cost to test the sen-sitivity. For none of the cash-generating units this leads to an impairment.Growth rate estimate (beyond the projection period) \u2013 For all divisions, no reasonable possible change in the growth rate, used to extrapolate beyond the projection period, would result in an impairment.9.1 Other intangible assetsIn thousands of euro 2023 2022 2021Other Intangible Customer Other assets under SoftwareRelations Know-howIntangible Assetsconstruction Total Total TotalAt costOn 1 January 65,998 9,818 47,569 5,200 62 128,646 136,578 134,608Expenditure 1,210 - 177 3 1,870 3,261 3,836 1,230Sales and disposals -547 - -4,450 - - -4,997 -20,094 -3,312Acquisition of subsidiaries - - - - - - 7,607 -Transfers 527 - - - -527 - - -Translation (losses)/gains -92 -97 -517 -20 - -726 719 4,052On 31 December 67,097 9,721 42,779 5,183 1,404 126,185 128,646 136,578Amortizations and impairmentOn 1 January 54,703 9,818 39,928 4,946 - 109,396 119,151 105,655Amortization 5,117 - 2,067 23 - 7,207 10,037 13,095Impairment - - 2,745 - - 2,745 - -Sales and disposals -547 - -4,450 - - -4,997 -20,094 -3,312Transfers - - -10 10 - - - -Translation (losses)/gains -55 -97 -28 -13 - -192 302 3,713On 31 December 59,219 9,721 40,253 4,966 - 114,159 109,396 119,151Carrying amountOn 1 January 11,296 - 7,640 253 62 19,251 17,427 28,952On 31 December 7,879 - 2,526 216 1,404 12,026 19,251 17,427Barco\u2019s intangibles mainly include SAP ERP software and remaining book value of acquired know how. In 2023, capital expenditures for intangible assets amount to 3.3 million euro (2022: 3.8 million euro, 2021: 1.2 million euro). Expenditures in 2023 mainly related mainly related to the implementation of a cloud-based IT platform automa-tion solution, a supplier relationship management tool as well as smaller investments in IT security. Other intangible assets under construction include ongoing projects related to a healthcare complaint handling tool and initial costs related to the planned S4HANA migration.Expenditures in 2022 and 2021 mainly related to new customer relationship management (CRM) software. In 2022, as a result of the Dermicus 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. Disposals in 2023 relate to fully amortized IT software which is no longer used and part of the stake, recorded as fully amortized know-how, transferred to new investors, realizing a gain of 4.6 million euro (see note 3.d other operating income (expense) \u2013 net). Disposals in 2022 and 2021 relate to fully amortized IT software which is no longer used.The group performed its annual impairment review on acquired intangibles in the fourth quarter of 2023 consistently with prior years. Special attention was paid to the potential impacts of the macroeconomic environment. The test con-cluded in an impairment of 2.7 million euro.Barco does not hold intangible assets with indefinite lifetime.9.2. Tangible fixed assetsIn thousands of euro 2023 2022 2021Furniture, Plant, office OtherLand and machinery and equipment property, plant Assets under Total Other buildingsequipmentand vehiclesand equipmentconstructiontangible assets Total Total TotalAt costOn 1 January 132,549 87,566 44,086 13,813 7,238 152,704 285,253 284,317 267,104Expenditure* 6,300 25,195 11,568 1,003 20,426 58,193 64,493 30,020 27,040Sales and disposals -2,104 -1,475 -4,284 -370 - -6,130 -8,233 -28,034 -16,614Transfers -437 3,682 583 43 -3,872 437 - - -Translation (losses)/gains -2,300 -1,905 -484 -331 -550 -3,270 -5,570 -1,050 6,786On 31 December 134,009 113,063 51,470 14,159 23,242 201,934 335,943 285,253 284,317Depreciation and impairmentOn 1 January 62,872 58,751 31,690 9,082 - 99,523 162,395 157,430 143,630Depreciation 10,955 10,818 6,900 1,765 - 19,483 30,438 26,294 26,041Sales and disposals -2,034 -1,330 -4,295 -223 - -5,847 -7,882 -21,137 -15,787Transfers - 75 78 -153 - - - - -Translation (losses)/gains -1,263 -565 -381 -227 - -1,172 -2,436 -191 3,546On 31 December 70,529 67,749 33,993 10,246 - 111,988 182,517 162,396 1 57,430Carrying amountOn 1 January 69,677 28,815 12,396 4,731 7,238 53,181 122,856 126,887 123,474On 31 December 63,479 45,314 17,47 7 3,913 23,242 89,947 153,426 122,856 126,887(*) Expenditures also include the additions for IFRS16.Capital expenditures for tangible assets in 2023, excluding the impact of IFRS16, amount to 51.1 million euro. Major invest-ments in 2023 are related to leasing agreements concluded with cinema customers (2023: 24.5 million euro; 2022: 3 million euro), investment in the new factories in China, both facility and production related (2023: 15 million euro; 2022: 10 million euro; 2021: 8 million euro).Further, capital expenditures include machinery and tooling linked to new product introduction projects (2023: 4 million euro; 2022: 2 million euro; 2021: 2.5 million euro), IT hardware equipment (2023: 2.2 million euro; 2022: 2.5 million euro; 2021: 2.4 million euro) and renewal of demo experience cen-ters (2023: 0.2 million euro; 2022: 2.0 million euro) . The total amount of capital expenditure for tangible assets in 2023 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 \u201cTaxonomy-eligible economic activity - Turnover\u201d. We refer to the note on EU taxonomy.Disposals in 2023 mainly relate to machinery & equipment and furniture, which are no longer in use and fully written down.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 machinery & equipment and furniture, which are no longer in use and fully written down.Disposals in 2021 mainly relate to 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.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 \u2018Critical account-ing judgements and key sources of estimation uncertainty\u2019 for more explanation on the impact of the macroeconomic environment on Barco\u2019s operations.Leases - lessee accountingThis 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 2023 2022 2021Buildings Vehicles Other assets Total Total TotalOn 1 January 40,164 11,041 - 51,205 46,922 39,013New leases or extensions of current leases 6,028 8,113 85 14,226 10,986 10,702Termination of leases -1,512 -2,382 -3 -3,896 -6,586 -4,403Translation (losses)/gains -1,142 3 -1 -1,140 -117 1,611On 31 December 43,538 16,775 81 60,394 51,205 46,922Depreciation and impairmentOn 1 January -20,884 -5,487 - -26,371 -21,119 -14,415Depreciation -6,899 -3,303 -20 -10,222 -9,539 -10,023Termination of leases 1,494 2,382 3 3,878 4,141 3,956Translation (losses)/gains 681 2 - 683 146 -636On 31 December -25,609 -6,406 -17 -32,031 -26,371 -21,119Right-of-use assetsOn 1 January 19,280 5,554 - 24,834 25,803 24,598On 31 December 17,930 10,369 65 28,363 24,834 25,803Additions to the right-of-use assets during 2023 were 14.2 million euro (2022: 11 million euro; 2021: 10.7 million euro) split over leased buildings (2023: 6 million euro; 2022: 7.6 million euro) and leased vehicles (2023: 8.1 million euro; 2022: 3.4 million euro). The additions are both renewals of existing lease agreements as well as a lease agreement in Norway.We refer to note 14 for more information on the lease liabilities.The statement of profit or loss shows the following amounts relating to leases:In thousands of euro 2023 2022 2021Buildings -6,899 -6,936 -7,591Vehicles -3,303 -2,604 -2,433Other assets -20 - -Total depreciation charge of right-of-use assets -10,222 -9,539 -10,023Interest expense (included in finance cost) -1,225 -1,072 -1,066Expense relating to short-term leases - - -17Expense relating to leases of low-value assets that are not shown above as short-term leases -7 -19 -24The total cash outflow for leases including interests in 2023 was 10 million euro (2022: 9.2 million euro; 2021: 9.7 million euro).Leases \u2013 lessor accountingThis note provides more information for leases where the Group is a lessor:In 2022, AMC Theatres, the largest theatrical exhibitor in the United States, in Europe & the Middle East, announced that they will upgrade their theaters with new Barco laser projectors via cinema-as-a-service program. Barco remains owner of the laser projectors and therefore the assets are included in the tangible fixed assets under plant, machinery and equipment. The total investments for all the cinema customers who have stepped into a cinema-as-a-service program in 2023 amounted to 24.5 million euro (2022: 3 million euro).Installation of laser projectors under the cinema-as-a-service program started in 2023.For the current cinema-as-a-service installed projectors, the following undiscounted lease payments are expected in the coming 5 years:In thousands of euro 2023Receivable in 2024 17,134Receivable in 2025 17,089Receivable in 2026 17,089Receivable in 2027 16,733Receivable in 2028 7,621Total receivable 75,665",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__162-1": {
"value": "Defined benefit obligationsThe 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.4. Revenues and expenses by natureThe table below provides information on the major items contributing to the adjusted EBIT, categorized by nature.In thousands of euro 2023 2022 2021Sales1,050,137 1,058,291 804,288Material cost-498,854 -47% -534,317 -50% -430,858 -54%Services and other costs-105,038 -10% -106,529 -10% -70,942 -9%Personnel cost (a)-305,452 -29% -289,308 -27% -241,303 -30%Depreciation property, plant, equipment and software-40,390 -4% -36,331 -3% -39,136 -5%Other operating income (expense) - net (note 3)1,704 0% -1,663 0% -2,676 0%Adjusted EBIT102,106 10% 90,143 9% 19,373 2%Personnel cost in 2023 is 6% higher than 2022, while 2022 was 20% higher than 2021, a result of increased headcount and continued high inflation.Personnel cost in 2021 included temporary measures and exe-cuted lay-offs to align costs with lower demand caused by the impact of the pandemic on the Company\u2019s markets. The com-pany therefore implemented temporary work arrangements and economic unemployment measures for both white and blue collars, in conformity with country specific legal frame-works, support mechanisms and regulations. In 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,\u2026 ). The company made deliberate choices on the continuation and timetable of selected devel-opment projects and adjusted internal and external support levels in function of the focus shift. These measures are no longer in place as of 2022 and explain part of the increase in services and other costs, together with higher inflation and contractors hired to fill temporary gaps mainly in 2022. In 2023, the continued higher inflation was offset by strict discipline on discretionary spending. a) Personnel costIn thousands of euro 2023 2022 2021Wages and salaries -250,641 -237,564 -194,851Social security contributions -30,300 -27,709 -26,642Pension expense for defined benefit plans -13,461 -12,859 -12,554Temporary labour -3,285 -4,004 -1,661Recruiting expenses -1,869 -2,264 -1,294Other personnel cost -5,896 -4,908 -4,301Personnel cost -305,452 -289,308 -241,303Personnel cost includes the cost for temporary personnel for an amount of 3.3 million euro (in 2022: 4 million euro, in 2021: 1.7 million euro).19. ProvisionsBalance AdditionalAmountsUnused amounts Remeasurement Translation Balance BalanceIn thousands of eurosheet 2023provisions madeused reversed Transfersgains/(losses) on DBO(losses) / gainssheet 2022sheet 2021Total long-term provision 15,131 2,886 -1,899 - 818 -1,297 -376 14,998 31,175Defined benefit obligations (b)4,870 1,650 -233 - - -1,297 -140 4,891 22,826Technical warranty (a)9,677 686 -1,666 - 818 - -248 10,087 8,332Other claims and risks (d)583 550 - - - - 12 20 18Total short-term provision 10,284 12,241 -8,761 -1,585 -818 - -119 9,325 8,537Technical warranty (a)3,951 102 -59 - -818 - -90 4,816 3,807Restructuring provision (c)4,399 9,500 -6,849 - - - - 1,748 458Other claims and risks (d)1,934 2,639 -1,853 -1,585 - - -29 2,761 4,272Provisions 25,415 15,128 -10,660 -1 ,585 - -1,297 -494 24,323 39,712(b) Defined benefit obligationsAs per 31 December 2023, 2022 and 2021, the defined benefit obligations are composed of:In thousands of euro 2023 2022 2021Pension plans in Belgium 793 732 17,835Early retirement plans in Belgium 71 104 155Local legal requirements (mainly Italy, Korea, Japan, Germany, France) 3,735 3,762 4,590A small number of individual plans 270 293 246Total 4,870 4,891 22,826Belgian 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 and 4 defined benefit plans in Cinionic Belgium, for which we show below the aggregated view as these do not differ materially from characteristics, regulatory environment, reporting seg-ment or funding arrangement. In accordance with IAS 19 the disclosure is in the form of a weighted average.2023, 2022 and 2021 changes in the Belgian defined benefit obligation and fair value of plan assets:2023 2022 2021Defined Fair value Net defined Defined Fair value Net defined Defined Fair value Net defined benefit of plan benefit benefit of plan benefit benefit of plan benefit In thousands of euroobligationassetsliabilityobligationassetsliabilityobligationassetsliabilityPension cost charged to P/LOn 1 January 116,560 -115,828 732 130,214 -112,378 17,835 134,340 -108,150 26,190Service cost 5,844 5,844 5,575 5,575 5,639 5,639Net interest expense 4,253 -4,401 -149 987 -862 126 388 -310 78Decrease due to curtailement - - -Sub-total included in profit or loss 10,096 -4,401 5,695 6,562 -862 5,701 6,026 -310 5,716Benefits paid -4,020 4,020 - -3,030 3,030 - -2,383 2,383 -Remeasurement gains/losses in OCIIncrease due to effect of transfers -270 270 - - -Increase due to the effect plan combinations 206 -206Return on plan assets (excluding amounts included in net interest expense) 1,155 1,155 -1,210 -1,210 -2,231 -2,231Actuarial changes arising from changes in demographic assumptions - - -Actuarial changes arising from changes in financial assumptions -319 -319 -16,172 -16,172 -5,679 -5,679Actuarial changes arising from changes in methodology -7,188 7,238 50 - -Actuarial changes arising from experience adjustments 410 410 -1,014 -1,014 -2,091 -2,091Sub-total included in OCI -7,160 8,457 1,297 -17,186 -1,210 -18,395 -7,769 -2,231 -10,000Contributions by employer -6,931 -6,931 -4,409 -4,409 -4,070 -4,070On 31 December 115,476 -114,683 793 116,560 -115,828 732 130,214 -112,378 17,835For the closed plans with a plan asset value below 0.5 million euro, a confirmation and full recalculation of the plan assets will be done if there are still active members every 6 years. These plans will be revalued in 2028.For the closed plans with a plan asset value above 0.5 million euro, but with no active members and for the closed plans above 0.5 million euro and with active members, a confirma-tion and full recalculation of the plan assets will be done, if there are still active members, every 3 years. These plans will be revalued in 2025.This change in methodology is reflected in the line \u2018actual changes arising from changes in methodology\u2019.In 2023 the net defined benefit liability was in line with 2022, amounting to 0.8 million euro. A positive P&L impact of 1.3 million euro was recorded as the higher discount rate on the employer contributions reduces the service cost, offset by -1.2 million euro recorded via other comprehensive income for change in parameters (merit/inflation, discount rate).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 fair value of the plan assets (115.5 million euro) are fully invested in insurance policies. In 2023, the target asset mix slightly changed compared to 2022 and consists of 66.50% government bonds (2022: 67.50%), 12% real estate (2022: 14%), 7.5% corporate bonds (2022: 7.50%), 7% corporate loans (2022: 6%) and 7% shares (2022: 5%).The principal assumptions used in determining pension obli-gations for the Group's plans are shown below:2023 2022 2021Discount rate 4.11% 3.73%0.77%Future salary increases* 6.55% 8.81% 2.43%Future consumer price 6.05% 8.14% 1.75%index increases**(*) 6.55% in 2023-2024; 2.5% from 2025(**) 6.05% in 2023-2024; 2.0% from 2025The following overview summarizes the sensitivity analysis performed for significant assumptions as at 31 December. The figures show the impact on the defined benefit obligation.In thousands of euro 2023 2022 2021Discount rate0.25% decrease 284 331 2,8340.25% increase -198 -265 -4,305Future salary change0.25% decrease -134 -143 -1,0360.25% increase 176 112 1,093Future consumer price index change0.25% decrease -81 -88 -6090.25% increase 96 106 615The 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 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 2023 2022 2021Within the next 12 months 5,853 4,750 3,724Between 2 and 5 years 31,263 33,002 24,696Between 5 and 10 years 38,968 40,332 41,648Total expected payments 76,084 78,084 70,068The average duration of the defined benefit plan obligation at the end of the reporting period is 10.1 years (11.3 years in 2022 and 12.3 years in 2021). The expected employer contributions to the plan for the next annual reporting period amounts to 5.9 million euro (9 million euro in 2023 and 3.9 million euro in 2022); the employee contributions are expected to amount to 1.3 mil-lion euro (1.2 million euro in 2023 and 1.1 million euro in 2022).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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"s10_notes__7__175-1": {
"value": "1. Consolidated companies1.2 List of equity accounted companies on 31 December 2023Country of Incorporation Legal Entity Registered Office %AmericasUnited States CCO Barco Airport Venture LLC Corporation Trust Center, 1209 Orange Street, 19801 Wilmington (DE) UNITED STATES 35Asia-PacificChina CFG Barco (Beijing) Electronics Co., Ltd. No. 16 Changsheng Road, Zhong Guan Cun Science Park, Chang Ping District, 102200 Beijing CHINA 4911. Investments and interest in associatesIn thousands of euro 2023 2022 2021Investments (a) 41,695 37,645 47,135Interest in associates (b) 29,093 27,167 20,872Investments and interest in associates 70,788 64,811 68,008Investments 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.(a) InvestmentsIn thousands of euro 2023 2022 2021Opening net assets 1 January 37,645 47,135 87,228Additions - 14,893 -Divestments -9,179 -4,384 -54,993Other comprehensive income 14,709 -23,004 9,945Translation gains/(losses)-1,480 3,003 4,955Closing net assets 31 December 41,695 37,645 47,135The 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 fair value (level 1). The remeasure-ment at fair value per 31 December 2023 versus the carrying amount, resulted in an unrealized gain of 14.7 million euro, reflected in other comprehensive income. The gain is caused by an increase of the share price at year-end 2023 compared to end 2022. Further, a minority stake was sold, resulting in 9.2 million euro cash-in in 2023, reflected in the line \u2018other investing activities\u2019 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 2021 to 2022 is mainly related to the remeasurement at fair value versus the carrying amount per 31 December 2022 (-23 million euro, 2021: 9,9 million euro), representing a general decrease of the global stock markets in 2022 compared to 2021. Further, a 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 (2021: 55 million euro), both reflected in the line \u2018other investing activities\u2019 in the cash flow statement, and 0.7 million euro (2021: 25.2 million euro) gain realized since the moment of acquisition, over the periods until divestment reflected in other comprehensive income reserve.",
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"s10_notes__7__172-1": {
"value": "1. Consolidated companies1.1 List of consolidated companies on 31 December 2023Country of Incorporation Legal Entity Registered Office %Europe, Middle East and AfricaBelgium Barco Coordination Center NV Beneluxpark 21, 8500 Kortrijk BELGIUM 100Belgium Barco Integrated Solutions NV Beneluxpark 21, 8500 Kortrijk BELGIUM 100Belgium Cinionic bv Beneluxpark 21, 8500 Kortrijk BELGIUM 100Belgium Barco Solutions BV Beneluxpark 21, 8500 Kortrijk BELGIUM 70France Barco SAS 177 avenue Georges Cl\u00e9menceau, Immeuble \u201cLe Plein Ouest\u201d, 92000 Nanterre FRANCE 100Germany Barco Control Rooms GmbH Greschbachstrasse 5 a, 76229 Karlsruhe GERMANY 100Germany Barco GmbH Greschbachstrasse 5 a, 76229 Karlsruhe GERMANY 100Italy Barco S.r.l. Via Lorenteggio 270A , 20152 Milano ITALY 100Italy FIMI S.r.l. Via Vittor Pisani 6, 20124 Milano ITALY 100Netherlands Barco B.V. Zuidplein 126, WTC Tower H, Floor 15, 1077XV Amsterdam NETHERLANDS 100Norway Barco Fredrikstad AS Mosseveien 63, 1610 Fredrikstad NORWAY 100Poland Barco Sp. z o.o. Annopol 17, 03-236 Warsaw POLAND 100Russia Barco Services OOO Office 17/2, Building 1, Zvezdny Boulevard, 129085 Moscow RUSSIAN FEDERATION 100Saudi Arabia Barco Integrated Saudi for Business Services LLC Ibn street 3855, West Umm Al Hamam Dist, 12328 Riyadh SAUDI ARABIA 100Spain Barco Electronic Systems, S.A. Travessera de les Corts 241, Entlo. 3a, 08028 Barcelona SPAIN 100Sweden Barco Sverige AB Kyrkv\u00e4gen 1, 192 72 Sollentuna SWEDEN 100Sweden Barco Solutions Sweden AB c/o Grant Thornton, Box 2230, 403 14 G\u00f6teborg SWEDEN 100Sweden Dermicus AB Kungsgatan 4, 411 19 G\u00f6teborg SWEDEN 70Turkey Barco Elektronik Sistemleri San.Tic. A.\u015e FSM Mah. Poligon cad. no: 8C, Buyaka2 Sitesi Kule-3 daire no: 35, 34771 Umraniye \u0130stanbul TURKEY 100United Arab Emirates* Barco Middle East L.L.C. Concord Tower, Suite 1212, PO Box 487786, Dubai Media City, Dubai UNITED ARAB EMIRATES 49United Kingdom Barco Ltd. Building 329, Doncastle Road, RG12 8PE Bracknell, Berkshire UNITED KINGDOM 100United Kingdom Gnosco Dermicus Limited 24 Old Queen Street, SW1H 9HP London UNITED KINGDOM 70(*) Barco has control over the relevant activities of the entity by virtue of a contractual agreement with the local investor.Country of Incorporation Legal Entity Registered Office %AmericasBrazil Barco Ltda. Av. Ibirapuera, 2332, 8\u00b0 andar, conj 82, Torre II, Moema, 04028-002 S\u00e3o Paulo BRAZIL 100Canada MTT Innovation Incorporated Suite 2400, 745 Thurlow Street, V6E 0C5 Vancouver, BC CANADA 100Colombia Barco Colombia SAS Carrera 15, n\u00b0 88-64, Torre Zimma Oficina 610, 110221 Bogota COLOMBIA 100Mexico Barco Visual Solutions S.A. de C.V. Mariano Escobedo No. 476 Piso 10 Col. Anzures, C.P. 11590 D.F. M\u00e9xico MEXICO 100Mexico Cinionic Mexico S.A. de C.V. Artemio del Valle Arizpe 16, 2ndo piso, Col del Valle, CP 03100 New Mexico city (CDMX) MEXICO 100United States** Barco, Inc. 1209 Orange Street, 19801 Wilmington DE UNITED STATES 100Asia-PacificAustralia Barco Systems Pty. Ltd. 2 Rocklea Drive, VIC 3207 Port Melbourne AUSTRALIA 100Australia Cinionic Pty. Ltd. C/- Accru Melbourne Pty Ltd. 50 Camberwell Road, VIC 3123 Hawthorn East AUSTRALIA 100China Barco Trading (Shanghai) Co., Ltd. Room 702, No. 138, Fenyang Road, 200031 Shanghai CHINA 100China Barco Visual (Beijing) Electronics Co., Ltd. No. 16 Changsheng Road, Zhong Guan Cun Science Park, Chang Ping District, 102200 Beijing CHINA 100China Barco China Electronic Visualization Technology (Nanjing) Co., Ltd. No. 1, Hengtong Road Nanjing development zone, 210038 Nanjing, Jiangsu CHINA 100China Barco (Suzhou) Healthcare Technology Co., Ltd. No. 111, Sutong Road, Suzhou Industrial Park, 215021 Suzhou CHINA 100China Barco (Wuxi) Technology Co., Ltd. B312-109, No. 3, Fengwei Road, Huizhi Enterprise Center, Xishan development zone, 214101 Wuxi CHINA 100Hong Kong Barco Ltd. Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, Kwun Tong, Kowloon HONG KONG 100Hong Kong Barco Visual Electronics Co., Ltd. Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, Kwun Tong, Kowloon HONG KONG 100Hong Kong Barco China (Holding) Ltd. Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, Kwun Tong, Kowloon HONG KONG 100Hong Kong Cinionic Ltd. Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, Kwun Tong, Kowloon HONG KONG 80India 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 100Japan Barco Co., Ltd. Yamato International Bldg 8F, 5-1-1 Heiwajima, Ota-ku, 143-0006 Tokyo JAPAN 100Malaysia Barco Sdn. Bhd. No. 13A, Jalan SS21/56B, Damansara Utama, 47400 Petaling Jaya, Selangor MALAYSIA 100Singapore Barco Singapore Private Limited 100G Pasir Panjang Road Interlocal Center, 118523 Singapore SINGAPORE 100South Korea Barco Korea Ltd. 1F. & 3F., DS Tower, 72-13 (GwanYang-Dong), BoelMal-Ro, DongAn-Gu, GyeongGi-Do, 14058 AnYang-si KOREA, REPUBLIC OF 100Taiwan Barco Ltd. 33F., No. 16, Xinzhan Rd., Banqiao Dist., 220 New Taipei City TAIWAN, PROVINCE OF CHINA 100(**) As per 31/12/2023 Cinionc Inc has merged into Barco Inc.1.2 List of equity accounted companies on 31 December 2023Country of Incorporation Legal Entity Registered Office %AmericasUnited States CCO Barco Airport Venture LLC Corporation Trust Center, 1209 Orange Street, 19801 Wilmington (DE) UNITED STATES 35Asia-PacificChina CFG Barco (Beijing) Electronics Co., Ltd. No. 16 Changsheng Road, Zhong Guan Cun Science Park, Chang Ping District, 102200 Beijing CHINA 49Exemption of publishing financial statements and management report according German legislation \u00a7264 Abs. 3 HGB:Following subsidiary-companies will be released of publishing their financial statements and management report 2023:\u2022 Barco GmbH\u2022 Barco Control Rooms GmbHThese companies are included in the consolidation scope of Barco Consolidated 2023 as listed above.11. Investments and interest in associatesIn thousands of euro 2023 2022 2021Investments (a) 41,695 37,645 47,135Interest in associates (b) 29,093 27,167 20,872Investments and interest in associates 70,788 64,811 68,008Investments 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.(a) InvestmentsIn thousands of euro 2023 2022 2021Opening net assets 1 January 37,645 47,135 87,228Additions - 14,893 -Divestments -9,179 -4,384 -54,993Other comprehensive income 14,709 -23,004 9,945Translation gains/(losses)-1,480 3,003 4,955Closing net assets 31 December 41,695 37,645 47,135The 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 fair value (level 1). The remeasure-ment at fair value per 31 December 2023 versus the carrying amount, resulted in an unrealized gain of 14.7 million euro, reflected in other comprehensive income. The gain is caused by an increase of the share price at year-end 2023 compared to end 2022. Further, a minority stake was sold, resulting in 9.2 million euro cash-in in 2023, reflected in the line \u2018other investing activities\u2019 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 2021 to 2022 is mainly related to the remeasurement at fair value versus the carrying amount per 31 December 2022 (-23 million euro, 2021: 9,9 million euro), representing a general decrease of the global stock markets in 2022 compared to 2021. Further, a 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 (2021: 55 million euro), both reflected in the line \u2018other investing activities\u2019 in the cash flow statement, and 0.7 million euro (2021: 25.2 million euro) gain realized since the moment of acquisition, over the periods until divestment reflected in other comprehensive income reserve.(b) Interest in associatesInterest in associates, in 2023 - 2021, reflects the equity investment in BarcoCFG and CCO Barco Airport Venture.The Group\u2019s share of the assets and liabilities as at 31 December 2023 and 2022 and income and expenses of the joint ventures and associates for the year ended 31 December 2023 and 2022, which are accounted for using the equity method:Summarized balance sheetBarcoCFGCCOTotalBarcoCFGCCOTotalIn thousands of euro31 DEC 2331 DEC 2331 DEC 2331 DEC 2231 DEC 2231 DEC 22Cash and cash equivalents 14,454 26,345 40,799 12,185 30,467 42,652Other current assets 49,397 17,444 66,841 58,842 11,785 70,627Total current assets 63,850 43,789 107,640 71,027 42,252 113,279Non-current assets 5,490 7, 573 13,063 7,050 9,437 16,487Other current liabilities 37,012 13,501 50,513 50,070 13,279 63,349Total current liabilities 37,012 13,501 50,513 50,070 13,279 63,349Other non-current liabilities - - - - - -Total non-current liabilities - - - - - -Net assets 32,329 37,861 70,190 28,007 38,409 66,416Reconciliation to carrying amountsOpening net assets 1 January 28,007 38,409 66,416 23,093 27,305 50,398Profit/(loss) for the period 6,231 7,254 13,486 5,641 9,534 15,176Other comprehensive income (CTA) -1,909 -1,550 -3,459 -728 1,570 842Dividends paid - -6,253 -6,253 - - -Closing net assets 32,329 37,861 70,190 28,007 38,409 66,416Group\u2019s share in % 49% 35% - 49% 35% -Group\u2019s share 15,841 13,251 29,093 13,723 13,443 27,167Carrying amount 15,841 13,251 29,093 13,723 13,443 27,167Summarized statement of comprehensive incomeBarcoCFGCCOTotalBarcoCFGCCOTotalIn thousands of euro31 DEC 2331 DEC 2331 DEC 2331 DEC 2231 DEC 2231 DEC 22Profit/(loss) for the period 6,231 7,254 13,486 5,641 9,534 15,176Other comprehensive income (CTA) -1,909 -1,550 -3,459 -728 1,570 842Total comprehensive income 4,322 5,705 10,027 4,913 11,105 16,018Group\u2019s share in % 49% 35% - 49% 35% -Group\u2019s share in profit/(loss) for the period 3,053 2,539 5,592 2,764 3,337 6,101Share in the result of joint ventures and associates - 2,539 2,539 - 3,337 3,337Included in other operating income 3(d) 3,053 - 3,053 2,764 - 2,764The Group has no contingent liabilities or capital commitments in relation to its associates as at 31 December 2023, 2022 and 2021.For all equity accounted investments, the parent\u2019s or other investor\u2019s consent is required to distribute its profits; which is not decided at the reporting date. The equity accounted invest-ments did not recognize items in other comprehensive income.17. Non-controlling interestThe below table represents the proportion of equity interest held by non-controlling interests:Name Country of incorporation and operation 2023 2022 2021Cinionic Ltd. Hong Kong 20% 20% 45%Cinionic bv Belgium 0% 20% 45%Cinionic Inc. United States 0% 20% 45%Barco Cine Appo Mexico, S.A. de C.V. Mexico 0% 20% 45%Cinionic Pty. Ltd. Australia 0% 20% 45%Dermicus AB Sweden 30% 30%Barco Solutions BV Belgium 30% 30%Gnosco Dermicus LTD United Kingdom 30% 30%Overview of the equity attributable to non-controlling interest:In thousands of euro 2023 2022 2021Cinionic Ltd. 18,249 20,345 41,031Dermicus AB -2,288 -554Total equity attributable to non-controlling interest 15,961 19,792 41,031Upon 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\u2019 equity and result. In 2022 Barco agreed to buy the stakes held by the minority shareholders Appotronics and CITICPE in Cinionic, increasing Barco\u2019s ownership interest in the joint venture to 80%. The 20% stake was shown as non-controlling interest.As announced on 22 November 2023, Barco reached an agreement with China Film Equipment co., Ltd to fully acquire Cinionic\u2019s premium Cinema solutions business, increasing Barco\u2019s ownership interest in the joint venture from 80% to 100%.The change in ownership to 100% of all Cinionic legal entities, except for the holding entity Cinionic Ltd. (Hong Kong), is reflected as of 1 November 2023. Cinionic Ltd. remains 80% owned by Barco until the completion of a selective capital decrease to Barco, which will result in the full ownership of the Cinionic Ltd legal entity and remaining cash of approximately 18 million euro by the minority shareholder China Film Group, as reflected in the non-controlling interest in the consolidated statement of changes in equity per end of 2023. The, by the shareholders agreed, selective capital decrease is expected to be completed by the end of the first quarter of 2024.The change in ownership from 80 to 100% had an impact of 2.7 million euro and has been reflected in OCI per 31 December 2023, as there is no change in control. The financials of Cinionic are fully consolidated in the Entertain- ment results in 2021 - 2023. In order to advance its growth initiative Demetra, Barco signed a joint venture agreement with the Swedish company Gnosco stAB on July 1, 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. Below is the consolidated balance sheet of the Cinionic legal entities as at 31 December 2023, 2022 and 2021:Assets and Liabilities Cinionic JVIn thousands of euro 2023 2022 2021Total non-current assets - 11,081 6,788Cash 59,520 84,610 86,429Other current assets 31,798 49,638 28,378Total current assets 91,318 134,248 114,807Total assets 91,318 145,329 121,595Equity attributable to equityholders of the parent 72,995 81,381 50,149Equity attributable to non-controlling interest 18,249 20,345 41,031Total equity 91,244 101,726 91,181Total non-current liabilities - 29,645 28,512Total current liabilities 74 40,024 26,724Total liabilities 91,318 171,395 146,416Per end of 2023 the consolidated balance sheet of the Cinionic joint venture reflects the Cinionic Ltd assets, composing of 60 million euro cash and 32 million euro intercompany receivable on Barco NV, linked to the transfer of 100% of the shares of Cinionic BV and Cinionic Inc to Barco NV, which will be set-tled upon the selective capital decrease of 73 million euro to Barco. The remaining 18 million euro cash is reflected in the equity attributable to non-controlling interest, as will be fully owned by the remaining shareholder China Film Group, after the selective capital decrease.Until end 2022 the Cinionic JV included the assets and liabil-ities of the following legal entities: Cinionic Limited, Cinionic bv, Barco CineAppo Mexico, S.A. de C.V., Cinionic Inc. and Cinionic Pty. Ltd. See note 1.1.Below is the consolidated balance sheet of the Dermicus legal entities as at 31 December 2023 and 2022:Assets and Liabilities Dermicus JVIn thousands of euro 2023 2022Total non-current assets 3,452 7,446Total current assets 998 1,218Total assets 4,450 8,664Equity attributable to equityholders of the parent 246 2,791Equity attributable to non-controlling interest -2,288 -554Total equity -2,042 2,237Total non-current liabilities 2,154 3,246Total current liabilities 1,289 1,632Total liabilities 1,400 7,115We refer to note 1.1 for more details on the Dermicus legal enti-ties: Dermicus AB, Barco Solutions BV, Gnosco Dermicus Ltd. The name of the legal entity Gnosco AB changed to Dermicus AB during 2023.Overview of the net income attributable to non-controlling interest:% non-% non-% non-In thousands of eurocontrolling 2023controlling 2022controlling 2021Cinionic Ltd. 2,133 374 -208Cinionic bv* 10,564 6,628 2,559Cinionic Inc.* 857 1,072 -754Barco Cine Appo Mexico, S.A. de C.V.* 376 -2,343 238Cinionic Pty. Ltd.* -26 146 116Barco Solutions BV -1,401 -688Dermicus AB -4,293 -976Gnosco Dermicus Ltd. 7 2Net income 8,217 4,215 1,951Cinionic Ltd. 20% 427 20% 75 45% -93Cinionic bv* 20% 2,112 20% 1,326 45% 1,151Cinionic Inc.* 20% 171 20% 214 45% -339Barco Cine Appo Mexico, S.A. de C.V.* 20% 75 20% -469 45% 107Cinionic Pty. Ltd.* 20% -5 20% 29 45% 52Barco Solutions BV 30% -420 30% -206 - -Dermicus AB 30% -1,288 30% -293 - -Gnosco Dermicus Ltd. 30% 2 30% 1 - -Net income attributable to non-controlling interest 1,074 677 878(*) 20% non-controlling interest included until October 31st, 2023.Other comprehensive income/(loss) for the period, net of tax effect, part attributable to non-controlling interest amounts to -0.4 million euro in 2023, 2.5 million euro in 2022 and 2.4 million euro in 2021.Total comprehensive income for the year, net of tax, part attrib-utable to non-controlling interest amounts to 0.7 million euro in 2023, 3.2 million euro in 2022 and 3.2 million euro in 2021.",
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"s10_notes__7__168-1": {
"value": "1. Consolidated companies1.1 List of consolidated companies on 31 December 2023Country of Incorporation Legal Entity Registered Office %Europe, Middle East and AfricaBelgium Barco Coordination Center NV Beneluxpark 21, 8500 Kortrijk BELGIUM 100Belgium Barco Integrated Solutions NV Beneluxpark 21, 8500 Kortrijk BELGIUM 100Belgium Cinionic bv Beneluxpark 21, 8500 Kortrijk BELGIUM 100Belgium Barco Solutions BV Beneluxpark 21, 8500 Kortrijk BELGIUM 70France Barco SAS 177 avenue Georges Cl\u00e9menceau, Immeuble \u201cLe Plein Ouest\u201d, 92000 Nanterre FRANCE 100Germany Barco Control Rooms GmbH Greschbachstrasse 5 a, 76229 Karlsruhe GERMANY 100Germany Barco GmbH Greschbachstrasse 5 a, 76229 Karlsruhe GERMANY 100Italy Barco S.r.l. Via Lorenteggio 270A , 20152 Milano ITALY 100Italy FIMI S.r.l. Via Vittor Pisani 6, 20124 Milano ITALY 100Netherlands Barco B.V. Zuidplein 126, WTC Tower H, Floor 15, 1077XV Amsterdam NETHERLANDS 100Norway Barco Fredrikstad AS Mosseveien 63, 1610 Fredrikstad NORWAY 100Poland Barco Sp. z o.o. Annopol 17, 03-236 Warsaw POLAND 100Russia Barco Services OOO Office 17/2, Building 1, Zvezdny Boulevard, 129085 Moscow RUSSIAN FEDERATION 100Saudi Arabia Barco Integrated Saudi for Business Services LLC Ibn street 3855, West Umm Al Hamam Dist, 12328 Riyadh SAUDI ARABIA 100Spain Barco Electronic Systems, S.A. Travessera de les Corts 241, Entlo. 3a, 08028 Barcelona SPAIN 100Sweden Barco Sverige AB Kyrkv\u00e4gen 1, 192 72 Sollentuna SWEDEN 100Sweden Barco Solutions Sweden AB c/o Grant Thornton, Box 2230, 403 14 G\u00f6teborg SWEDEN 100Sweden Dermicus AB Kungsgatan 4, 411 19 G\u00f6teborg SWEDEN 70Turkey Barco Elektronik Sistemleri San.Tic. A.\u015e FSM Mah. Poligon cad. no: 8C, Buyaka2 Sitesi Kule-3 daire no: 35, 34771 Umraniye \u0130stanbul TURKEY 100United Arab Emirates* Barco Middle East L.L.C. Concord Tower, Suite 1212, PO Box 487786, Dubai Media City, Dubai UNITED ARAB EMIRATES 49United Kingdom Barco Ltd. Building 329, Doncastle Road, RG12 8PE Bracknell, Berkshire UNITED KINGDOM 100United Kingdom Gnosco Dermicus Limited 24 Old Queen Street, SW1H 9HP London UNITED KINGDOM 70(*) Barco has control over the relevant activities of the entity by virtue of a contractual agreement with the local investor.Country of Incorporation Legal Entity Registered Office %AmericasBrazil Barco Ltda. Av. Ibirapuera, 2332, 8\u00b0 andar, conj 82, Torre II, Moema, 04028-002 S\u00e3o Paulo BRAZIL 100Canada MTT Innovation Incorporated Suite 2400, 745 Thurlow Street, V6E 0C5 Vancouver, BC CANADA 100Colombia Barco Colombia SAS Carrera 15, n\u00b0 88-64, Torre Zimma Oficina 610, 110221 Bogota COLOMBIA 100Mexico Barco Visual Solutions S.A. de C.V. Mariano Escobedo No. 476 Piso 10 Col. Anzures, C.P. 11590 D.F. M\u00e9xico MEXICO 100Mexico Cinionic Mexico S.A. de C.V. Artemio del Valle Arizpe 16, 2ndo piso, Col del Valle, CP 03100 New Mexico city (CDMX) MEXICO 100United States** Barco, Inc. 1209 Orange Street, 19801 Wilmington DE UNITED STATES 100Asia-PacificAustralia Barco Systems Pty. Ltd. 2 Rocklea Drive, VIC 3207 Port Melbourne AUSTRALIA 100Australia Cinionic Pty. Ltd. C/- Accru Melbourne Pty Ltd. 50 Camberwell Road, VIC 3123 Hawthorn East AUSTRALIA 100China Barco Trading (Shanghai) Co., Ltd. Room 702, No. 138, Fenyang Road, 200031 Shanghai CHINA 100China Barco Visual (Beijing) Electronics Co., Ltd. No. 16 Changsheng Road, Zhong Guan Cun Science Park, Chang Ping District, 102200 Beijing CHINA 100China Barco China Electronic Visualization Technology (Nanjing) Co., Ltd. No. 1, Hengtong Road Nanjing development zone, 210038 Nanjing, Jiangsu CHINA 100China Barco (Suzhou) Healthcare Technology Co., Ltd. No. 111, Sutong Road, Suzhou Industrial Park, 215021 Suzhou CHINA 100China Barco (Wuxi) Technology Co., Ltd. B312-109, No. 3, Fengwei Road, Huizhi Enterprise Center, Xishan development zone, 214101 Wuxi CHINA 100Hong Kong Barco Ltd. Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, Kwun Tong, Kowloon HONG KONG 100Hong Kong Barco Visual Electronics Co., Ltd. Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, Kwun Tong, Kowloon HONG KONG 100Hong Kong Barco China (Holding) Ltd. Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, Kwun Tong, Kowloon HONG KONG 100Hong Kong Cinionic Ltd. Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, Kwun Tong, Kowloon HONG KONG 80India 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 100Japan Barco Co., Ltd. Yamato International Bldg 8F, 5-1-1 Heiwajima, Ota-ku, 143-0006 Tokyo JAPAN 100Malaysia Barco Sdn. Bhd. No. 13A, Jalan SS21/56B, Damansara Utama, 47400 Petaling Jaya, Selangor MALAYSIA 100Singapore Barco Singapore Private Limited 100G Pasir Panjang Road Interlocal Center, 118523 Singapore SINGAPORE 100South Korea Barco Korea Ltd. 1F. & 3F., DS Tower, 72-13 (GwanYang-Dong), BoelMal-Ro, DongAn-Gu, GyeongGi-Do, 14058 AnYang-si KOREA, REPUBLIC OF 100Taiwan Barco Ltd. 33F., No. 16, Xinzhan Rd., Banqiao Dist., 220 New Taipei City TAIWAN, PROVINCE OF CHINA 100(**) As per 31/12/2023 Cinionc Inc has merged into Barco Inc.Exemption of publishing financial statements and management report according German legislation \u00a7264 Abs. 3 HGB:Following subsidiary-companies will be released of publishing their financial statements and management report 2023:\u2022 Barco GmbH\u2022 Barco Control Rooms GmbHThese companies are included in the consolidation scope of Barco Consolidated 2023 as listed above.1.3 Acquisitions and divestments2023Barco did not close any acquisition or divestment agreements in 2023.2022Acquisition of Gnosco ABIn order to advance its growth initiative Demetra, Barco signed a joint venture agreement with the Swedish company Gnosco stAB on July 1, 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 and 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 theEBITDA 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.Assets and Liabilities Gnosco ABIn thousands of euro 1 July 2022Fair value IFRS Opening B/SrestatementsOpening B/SCapitalized development 354 -354 -Know-how - 7,607 7,607Deferred tax assets - 73 73Total non-current assets 354 7,326 7,680Trade receivables 29 - 29Other current assets 12 - 12Total current assets 40 - 40LT loan -172 - -172Deferred tax liability - -1,567 -1,567Total non-current liabilities -172 -1,567 -1,739Other current liabilities -170 - -170Total current liabilities -170 - -170Cash 237 - 237Total net assets 289 5,759 6,048Upfront consideration - - 4,000Total acquisition cost (excl. net cash) - - 4,000Financial liabilities related to puttable non-controlling interest - - 2,048Cash flow on acquisition 1 July 2022Net cash acquired with the subsidiary 237Cash paid -4,000Net cash flow on acquisition -3,763The 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 Group2021Barco did not close any acquisition or divestment agreements in 2021.17. Non-controlling interestThe below table represents the proportion of equity interest held by non-controlling interests:Name Country of incorporation and operation 2023 2022 2021Cinionic Ltd. Hong Kong 20% 20% 45%Cinionic bv Belgium 0% 20% 45%Cinionic Inc. United States 0% 20% 45%Barco Cine Appo Mexico, S.A. de C.V. Mexico 0% 20% 45%Cinionic Pty. Ltd. Australia 0% 20% 45%Dermicus AB Sweden 30% 30%Barco Solutions BV Belgium 30% 30%Gnosco Dermicus LTD United Kingdom 30% 30%Overview of the equity attributable to non-controlling interest:In thousands of euro 2023 2022 2021Cinionic Ltd. 18,249 20,345 41,031Dermicus AB -2,288 -554Total equity attributable to non-controlling interest 15,961 19,792 41,031Upon 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\u2019 equity and result. In 2022 Barco agreed to buy the stakes held by the minority shareholders Appotronics and CITICPE in Cinionic, increasing Barco\u2019s ownership interest in the joint venture to 80%. The 20% stake was shown as non-controlling interest.As announced on 22 November 2023, Barco reached an agreement with China Film Equipment co., Ltd to fully acquire Cinionic\u2019s premium Cinema solutions business, increasing Barco\u2019s ownership interest in the joint venture from 80% to 100%.The change in ownership to 100% of all Cinionic legal entities, except for the holding entity Cinionic Ltd. (Hong Kong), is reflected as of 1 November 2023. Cinionic Ltd. remains 80% owned by Barco until the completion of a selective capital decrease to Barco, which will result in the full ownership of the Cinionic Ltd legal entity and remaining cash of approximately 18 million euro by the minority shareholder China Film Group, as reflected in the non-controlling interest in the consolidated statement of changes in equity per end of 2023. The, by the shareholders agreed, selective capital decrease is expected to be completed by the end of the first quarter of 2024.The change in ownership from 80 to 100% had an impact of 2.7 million euro and has been reflected in OCI per 31 December 2023, as there is no change in control. The financials of Cinionic are fully consolidated in the Entertain- ment results in 2021 - 2023. In order to advance its growth initiative Demetra, Barco signed a joint venture agreement with the Swedish company Gnosco stAB on July 1, 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. Below is the consolidated balance sheet of the Cinionic legal entities as at 31 December 2023, 2022 and 2021:Assets and Liabilities Cinionic JVIn thousands of euro 2023 2022 2021Total non-current assets - 11,081 6,788Cash 59,520 84,610 86,429Other current assets 31,798 49,638 28,378Total current assets 91,318 134,248 114,807Total assets 91,318 145,329 121,595Equity attributable to equityholders of the parent 72,995 81,381 50,149Equity attributable to non-controlling interest 18,249 20,345 41,031Total equity 91,244 101,726 91,181Total non-current liabilities - 29,645 28,512Total current liabilities 74 40,024 26,724Total liabilities 91,318 171,395 146,416Per end of 2023 the consolidated balance sheet of the Cinionic joint venture reflects the Cinionic Ltd assets, composing of 60 million euro cash and 32 million euro intercompany receivable on Barco NV, linked to the transfer of 100% of the shares of Cinionic BV and Cinionic Inc to Barco NV, which will be set-tled upon the selective capital decrease of 73 million euro to Barco. The remaining 18 million euro cash is reflected in the equity attributable to non-controlling interest, as will be fully owned by the remaining shareholder China Film Group, after the selective capital decrease.Until end 2022 the Cinionic JV included the assets and liabil-ities of the following legal entities: Cinionic Limited, Cinionic bv, Barco CineAppo Mexico, S.A. de C.V., Cinionic Inc. and Cinionic Pty. Ltd. See note 1.1.Below is the consolidated balance sheet of the Dermicus legal entities as at 31 December 2023 and 2022:Assets and Liabilities Dermicus JVIn thousands of euro 2023 2022Total non-current assets 3,452 7,446Total current assets 998 1,218Total assets 4,450 8,664Equity attributable to equityholders of the parent 246 2,791Equity attributable to non-controlling interest -2,288 -554Total equity -2,042 2,237Total non-current liabilities 2,154 3,246Total current liabilities 1,289 1,632Total liabilities 1,400 7,115We refer to note 1.1 for more details on the Dermicus legal enti-ties: Dermicus AB, Barco Solutions BV, Gnosco Dermicus Ltd. The name of the legal entity Gnosco AB changed to Dermicus AB during 2023.Overview of the net income attributable to non-controlling interest:% non-% non-% non-In thousands of eurocontrolling 2023controlling 2022controlling 2021Cinionic Ltd. 2,133 374 -208Cinionic bv* 10,564 6,628 2,559Cinionic Inc.* 857 1,072 -754Barco Cine Appo Mexico, S.A. de C.V.* 376 -2,343 238Cinionic Pty. Ltd.* -26 146 116Barco Solutions BV -1,401 -688Dermicus AB -4,293 -976Gnosco Dermicus Ltd. 7 2Net income 8,217 4,215 1,951Cinionic Ltd. 20% 427 20% 75 45% -93Cinionic bv* 20% 2,112 20% 1,326 45% 1,151Cinionic Inc.* 20% 171 20% 214 45% -339Barco Cine Appo Mexico, S.A. de C.V.* 20% 75 20% -469 45% 107Cinionic Pty. Ltd.* 20% -5 20% 29 45% 52Barco Solutions BV 30% -420 30% -206 - -Dermicus AB 30% -1,288 30% -293 - -Gnosco Dermicus Ltd. 30% 2 30% 1 - -Net income attributable to non-controlling interest 1,074 677 878(*) 20% non-controlling interest included until October 31st, 2023.Other comprehensive income/(loss) for the period, net of tax effect, part attributable to non-controlling interest amounts to -0.4 million euro in 2023, 2.5 million euro in 2022 and 2.4 million euro in 2021.Total comprehensive income for the year, net of tax, part attrib-utable to non-controlling interest amounts to 0.7 million euro in 2023, 3.2 million euro in 2022 and 3.2 million euro in 2021.",
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"value": "1. Consolidated companies1.1 List of consolidated companies on 31 December 2023Country of Incorporation Legal Entity Registered Office %Europe, Middle East and AfricaBelgium Barco Coordination Center NV Beneluxpark 21, 8500 Kortrijk BELGIUM 100Belgium Barco Integrated Solutions NV Beneluxpark 21, 8500 Kortrijk BELGIUM 100Belgium Cinionic bv Beneluxpark 21, 8500 Kortrijk BELGIUM 100Belgium Barco Solutions BV Beneluxpark 21, 8500 Kortrijk BELGIUM 70France Barco SAS 177 avenue Georges Cl\u00e9menceau, Immeuble \u201cLe Plein Ouest\u201d, 92000 Nanterre FRANCE 100Germany Barco Control Rooms GmbH Greschbachstrasse 5 a, 76229 Karlsruhe GERMANY 100Germany Barco GmbH Greschbachstrasse 5 a, 76229 Karlsruhe GERMANY 100Italy Barco S.r.l. Via Lorenteggio 270A , 20152 Milano ITALY 100Italy FIMI S.r.l. Via Vittor Pisani 6, 20124 Milano ITALY 100Netherlands Barco B.V. Zuidplein 126, WTC Tower H, Floor 15, 1077XV Amsterdam NETHERLANDS 100Norway Barco Fredrikstad AS Mosseveien 63, 1610 Fredrikstad NORWAY 100Poland Barco Sp. z o.o. Annopol 17, 03-236 Warsaw POLAND 100Russia Barco Services OOO Office 17/2, Building 1, Zvezdny Boulevard, 129085 Moscow RUSSIAN FEDERATION 100Saudi Arabia Barco Integrated Saudi for Business Services LLC Ibn street 3855, West Umm Al Hamam Dist, 12328 Riyadh SAUDI ARABIA 100Spain Barco Electronic Systems, S.A. Travessera de les Corts 241, Entlo. 3a, 08028 Barcelona SPAIN 100Sweden Barco Sverige AB Kyrkv\u00e4gen 1, 192 72 Sollentuna SWEDEN 100Sweden Barco Solutions Sweden AB c/o Grant Thornton, Box 2230, 403 14 G\u00f6teborg SWEDEN 100Sweden Dermicus AB Kungsgatan 4, 411 19 G\u00f6teborg SWEDEN 70Turkey Barco Elektronik Sistemleri San.Tic. A.\u015e FSM Mah. Poligon cad. no: 8C, Buyaka2 Sitesi Kule-3 daire no: 35, 34771 Umraniye \u0130stanbul TURKEY 100United Arab Emirates* Barco Middle East L.L.C. Concord Tower, Suite 1212, PO Box 487786, Dubai Media City, Dubai UNITED ARAB EMIRATES 49United Kingdom Barco Ltd. Building 329, Doncastle Road, RG12 8PE Bracknell, Berkshire UNITED KINGDOM 100United Kingdom Gnosco Dermicus Limited 24 Old Queen Street, SW1H 9HP London UNITED KINGDOM 70(*) Barco has control over the relevant activities of the entity by virtue of a contractual agreement with the local investor.Country of Incorporation Legal Entity Registered Office %AmericasBrazil Barco Ltda. Av. Ibirapuera, 2332, 8\u00b0 andar, conj 82, Torre II, Moema, 04028-002 S\u00e3o Paulo BRAZIL 100Canada MTT Innovation Incorporated Suite 2400, 745 Thurlow Street, V6E 0C5 Vancouver, BC CANADA 100Colombia Barco Colombia SAS Carrera 15, n\u00b0 88-64, Torre Zimma Oficina 610, 110221 Bogota COLOMBIA 100Mexico Barco Visual Solutions S.A. de C.V. Mariano Escobedo No. 476 Piso 10 Col. Anzures, C.P. 11590 D.F. M\u00e9xico MEXICO 100Mexico Cinionic Mexico S.A. de C.V. Artemio del Valle Arizpe 16, 2ndo piso, Col del Valle, CP 03100 New Mexico city (CDMX) MEXICO 100United States** Barco, Inc. 1209 Orange Street, 19801 Wilmington DE UNITED STATES 100Asia-PacificAustralia Barco Systems Pty. Ltd. 2 Rocklea Drive, VIC 3207 Port Melbourne AUSTRALIA 100Australia Cinionic Pty. Ltd. C/- Accru Melbourne Pty Ltd. 50 Camberwell Road, VIC 3123 Hawthorn East AUSTRALIA 100China Barco Trading (Shanghai) Co., Ltd. Room 702, No. 138, Fenyang Road, 200031 Shanghai CHINA 100China Barco Visual (Beijing) Electronics Co., Ltd. No. 16 Changsheng Road, Zhong Guan Cun Science Park, Chang Ping District, 102200 Beijing CHINA 100China Barco China Electronic Visualization Technology (Nanjing) Co., Ltd. No. 1, Hengtong Road Nanjing development zone, 210038 Nanjing, Jiangsu CHINA 100China Barco (Suzhou) Healthcare Technology Co., Ltd. No. 111, Sutong Road, Suzhou Industrial Park, 215021 Suzhou CHINA 100China Barco (Wuxi) Technology Co., Ltd. B312-109, No. 3, Fengwei Road, Huizhi Enterprise Center, Xishan development zone, 214101 Wuxi CHINA 100Hong Kong Barco Ltd. Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, Kwun Tong, Kowloon HONG KONG 100Hong Kong Barco Visual Electronics Co., Ltd. Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, Kwun Tong, Kowloon HONG KONG 100Hong Kong Barco China (Holding) Ltd. Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, Kwun Tong, Kowloon HONG KONG 100Hong Kong Cinionic Ltd. Suite 2607-2610, 26/F, Prosperity Center, 25 Chong Yip Street, Kwun Tong, Kowloon HONG KONG 80India 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 100Japan Barco Co., Ltd. Yamato International Bldg 8F, 5-1-1 Heiwajima, Ota-ku, 143-0006 Tokyo JAPAN 100Malaysia Barco Sdn. Bhd. No. 13A, Jalan SS21/56B, Damansara Utama, 47400 Petaling Jaya, Selangor MALAYSIA 100Singapore Barco Singapore Private Limited 100G Pasir Panjang Road Interlocal Center, 118523 Singapore SINGAPORE 100South Korea Barco Korea Ltd. 1F. & 3F., DS Tower, 72-13 (GwanYang-Dong), BoelMal-Ro, DongAn-Gu, GyeongGi-Do, 14058 AnYang-si KOREA, REPUBLIC OF 100Taiwan Barco Ltd. 33F., No. 16, Xinzhan Rd., Banqiao Dist., 220 New Taipei City TAIWAN, PROVINCE OF CHINA 100(**) As per 31/12/2023 Cinionc Inc has merged into Barco Inc.1.2 List of equity accounted companies on 31 December 2023Country of Incorporation Legal Entity Registered Office %AmericasUnited States CCO Barco Airport Venture LLC Corporation Trust Center, 1209 Orange Street, 19801 Wilmington (DE) UNITED STATES 35Asia-PacificChina CFG Barco (Beijing) Electronics Co., Ltd. No. 16 Changsheng Road, Zhong Guan Cun Science Park, Chang Ping District, 102200 Beijing CHINA 49Exemption of publishing financial statements and management report according German legislation \u00a7264 Abs. 3 HGB:Following subsidiary-companies will be released of publishing their financial statements and management report 2023:\u2022 Barco GmbH\u2022 Barco Control Rooms GmbHThese companies are included in the consolidation scope of Barco Consolidated 2023 as listed above.",
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"s10_notes__7__178-1": {
"value": "1.2 List of equity accounted companies on 31 December 2023Country of Incorporation Legal Entity Registered Office %AmericasUnited States CCO Barco Airport Venture LLC Corporation Trust Center, 1209 Orange Street, 19801 Wilmington (DE) UNITED STATES 35Asia-PacificChina CFG Barco (Beijing) Electronics Co., Ltd. No. 16 Changsheng Road, Zhong Guan Cun Science Park, Chang Ping District, 102200 Beijing CHINA 4911. Investments and interest in associatesIn thousands of euro 2023 2022 2021Investments (a) 41,695 37,645 47,135Interest in associates (b) 29,093 27,167 20,872Investments and interest in associates 70,788 64,811 68,008Investments 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.(b) Interest in associatesInterest in associates, in 2023 - 2021, reflects the equity investment in BarcoCFG and CCO Barco Airport Venture.The Group\u2019s share of the assets and liabilities as at 31 December 2023 and 2022 and income and expenses of the joint ventures and associates for the year ended 31 December 2023 and 2022, which are accounted for using the equity method:Summarized balance sheetBarcoCFGCCOTotalBarcoCFGCCOTotalIn thousands of euro31 DEC 2331 DEC 2331 DEC 2331 DEC 2231 DEC 2231 DEC 22Cash and cash equivalents 14,454 26,345 40,799 12,185 30,467 42,652Other current assets 49,397 17,444 66,841 58,842 11,785 70,627Total current assets 63,850 43,789 107,640 71,027 42,252 113,279Non-current assets 5,490 7, 573 13,063 7,050 9,437 16,487Other current liabilities 37,012 13,501 50,513 50,070 13,279 63,349Total current liabilities 37,012 13,501 50,513 50,070 13,279 63,349Other non-current liabilities - - - - - -Total non-current liabilities - - - - - -Net assets 32,329 37,861 70,190 28,007 38,409 66,416Reconciliation to carrying amountsOpening net assets 1 January 28,007 38,409 66,416 23,093 27,305 50,398Profit/(loss) for the period 6,231 7,254 13,486 5,641 9,534 15,176Other comprehensive income (CTA) -1,909 -1,550 -3,459 -728 1,570 842Dividends paid - -6,253 -6,253 - - -Closing net assets 32,329 37,861 70,190 28,007 38,409 66,416Group\u2019s share in % 49% 35% - 49% 35% -Group\u2019s share 15,841 13,251 29,093 13,723 13,443 27,167Carrying amount 15,841 13,251 29,093 13,723 13,443 27,167Summarized statement of comprehensive incomeBarcoCFGCCOTotalBarcoCFGCCOTotalIn thousands of euro31 DEC 2331 DEC 2331 DEC 2331 DEC 2231 DEC 2231 DEC 22Profit/(loss) for the period 6,231 7,254 13,486 5,641 9,534 15,176Other comprehensive income (CTA) -1,909 -1,550 -3,459 -728 1,570 842Total comprehensive income 4,322 5,705 10,027 4,913 11,105 16,018Group\u2019s share in % 49% 35% - 49% 35% -Group\u2019s share in profit/(loss) for the period 3,053 2,539 5,592 2,764 3,337 6,101Share in the result of joint ventures and associates - 2,539 2,539 - 3,337 3,337Included in other operating income 3(d) 3,053 - 3,053 2,764 - 2,764The Group has no contingent liabilities or capital commitments in relation to its associates as at 31 December 2023, 2022 and 2021.For all equity accounted investments, the parent\u2019s or other investor\u2019s consent is required to distribute its profits; which is not decided at the reporting date. The equity accounted invest-ments did not recognize items in other comprehensive income.",
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"s10_notes__7__185-1": {
"value": "1.3 Acquisitions and divestments2023Barco did not close any acquisition or divestment agreements in 2023.2022Acquisition of Gnosco ABIn order to advance its growth initiative Demetra, Barco signed a joint venture agreement with the Swedish company Gnosco stAB on July 1, 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 and 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 theEBITDA 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.Assets and Liabilities Gnosco ABIn thousands of euro 1 July 2022Fair value IFRS Opening B/SrestatementsOpening B/SCapitalized development 354 -354 -Know-how - 7,607 7,607Deferred tax assets - 73 73Total non-current assets 354 7,326 7,680Trade receivables 29 - 29Other current assets 12 - 12Total current assets 40 - 40LT loan -172 - -172Deferred tax liability - -1,567 -1,567Total non-current liabilities -172 -1,567 -1,739Other current liabilities -170 - -170Total current liabilities -170 - -170Cash 237 - 237Total net assets 289 5,759 6,048Upfront consideration - - 4,000Total acquisition cost (excl. net cash) - - 4,000Financial liabilities related to puttable non-controlling interest - - 2,048Cash flow on acquisition 1 July 2022Net cash acquired with the subsidiary 237Cash paid -4,000Net cash flow on acquisition -3,763The 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 Group2021Barco did not close any acquisition or divestment agreements in 2021.23. Cash flow statement: effect of acquisitions and disposalsThe following table shows the effect of acquisitions and dis-posals on the balance sheet movement of the Group.In thousands of euro Aquisitions 2022Net-identifiable assets and liabilities -1,796Know-how on acquisitions 7,607Put option non-controlling interest -2,049Acquired/(sold) cash 237Purchase price 4,000The 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 2023 and 2021.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.",
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"value": "1.3 Acquisitions and divestments2023Barco did not close any acquisition or divestment agreements in 2023.",
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"value": "1.3 Acquisitions and divestments2023Barco did not close any acquisition or divestment agreements in 2023.",
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"s10_notes__7__187-1": {
"value": "2. Operating Segments information2.1. Basis of operating segments informationBarco is a global technology company developing solutions for three main markets, which is also reflected in its divisional structure: Healthcare, Enterprise and Entertainment.\u2022 Healthcare: The Healthcare division comprises two business 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 operating rooms) and require the same go-to- market strategy. The offering of this business unit includes the company\u2019s digital operating room portfolio (hardware + video-over-IP-technology), custom medical displays for modality imaging and a full suite of support services.\u2022 Enterprise: The Enterprise division comprises two business units: - Meeting Experience offers collaboration and visualization technologies for a smart workplace: ClickShare wireless conference and presentation systems, 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.\u2022 Entertainment: The Entertainment division comprises two business units: - Cinema offers the industry\u2019s most complete range of laser-based cinema projectors, including image processing, audio and service delivery to theaters and moviegoers. - 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.Transfer prices between operating segments are on an arm\u2019s length basis in a manner similar to transactions with third parties.We refer to \u2018Our markets\u2019 for more explanation on the activities performed by each division.2.2. HealthcareIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 285,892 100.0% 341,701 100% 261,486 100% -16.3% 30.7%Cost of goods sold -182,946 -64.0% -225,340 -65.9% -174,294 -66.7% -18.8% 29.3%Gross profit 102,946 36.0% 116,361 34.1% 87,192 33.3% -11.5% 33.5%EBITDA 27,797 9.7% 38,354 11.2% 22,399 8.6% -27.5% 71.2%Depreciation TFA and (acquired) intangibles 14,248 5.0% 11,176 3.3% 11,775 4.5% 27.5% -5.1%Adjusted EBIT 13,549 4.7% 27,179 8.0% 10,624 4.1% -50.1% 155.8%Capital expenditures TFA and software 14,611 5.1% 6,193 1.8% 12,271 4.7% 135.9% -49.5%Segment assets 180,253 193,103 141,127Segment liabilities 62,101 74,717 59,882Sales for Healthcare were impacted by channel inventories above normal levels, following a surge in customer orders at the end of 2022, and the phasing-out of an unusually large contract that ended at year-end 2022, while the phasing-in of orders under confirmed new contracts for new platforms from the end of 2023 onwards, in Surgical & Modality, leading to a sales decline of 16% in 2023 after a year of 31% growth. The gross profit margin for Healthcare increased to 36.0%, versus 34.1% one year earlier. This reflects a favorable product mix with proportionally more (embedded) software products, partially offset by temporary transfer and costs associated with ramping up the new factory. Although indirect spend-ing increased less than the general inflation rate, operating deleverage on the lower topline resulted in an EBITDA margin of 9.7%, a decline of 1.5 ppts versus last year.Decrease in segment assets in 2023 are mainly the result of lower trade receivables in line with the lower topline.Total capital expenditure over 2021-2023 include facility and production investments in Suzhou for a total amount of 15 million euro. In 2023 increase in capital expenditure is an extra investment in the production in Suzhou. We refer to 'Our results' and 'Risk management and control processes' for more explanation.2.3. EnterpriseIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 303,761 100.0% 317,250 100% 233,090 100% -4.3% 36.1%Cost of goods sold -140,816 -46.4% -144,922 -45.7% -124,529 -53.4% -2.8% 16.4%Gross profit 162,945 53.6% 172,328 54.3% 108,561 46.6% -5.4% 58.7%EBITDA 56,934 18.7% 60,609 19.1% 14,645 6.3% -6.1% 313.9%Depreciation TFA and (acquired) intangibles 8,405 2.8% 8,601 2.7% 9,408 4.0% -2.3% -8.6%Adjusted EBIT 48,529 16.0% 52,009 16.4% 5,237 2.2% -6.7% 893.0%Capital expenditures TFA and software 2,904 1.0% 4,015 1.3% 2,706 1.2% -27.7% 48.4%Interest in associates 13,251 13,443 9,557Segment assets 216,087 195,912 202,365Segment liabilities 60,421 75,144 81,053The Enterprise division saw a strong topline growth over 2022, resulting in a year-over-year increase in sales of 36.1% led by Meeting Experience, driven by a global return-to-the-office wave. In 2023, Enterprise sales were 4% lower than 2022 as the division experienced difficult market conditions with companies delaying investments as they reconsidered their flexible office and meeting room requirements, impacting sales in Meeting Experience. Sales in Large Video Walls started soft at the begin-ning of the year, but improved through the second half.Enterprise delivered an EBITDA margin, close to last year, of 18.7%. The announced strategy revisit in Large Video Walls started to yield results as of the second half year leading to a positive EBITDA result, largely offsetting the first half year\u2019s EBITDA loss, The more difficult market conditions and lower sales in 2023, led to a less favorable product mix impact com-pared to last year. Segment assets increased in 2023 with 20 million euro, mainly the result of higher trade receivables due to end of year sales spike and longer payment terms granted, mainly in EMEA and APAC.We refer to 'Our results' and 'Risk management and control processes' for more explanation.2.4. EntertainmentIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 460,484 100.0% 399,339 100% 309,712 100% 15.3% 28.9%Cost of goods sold -287,851 -62.5% -275,276 -68.9% -217,980 -70.4% 4.6% 26.3%Gross profit 172,633 37.5% 124,063 31.1% 91,732 29.6% 39.1% 35.2%EBITDA 57,765 12.5% 27,510 6.9% 21,465 6.9% 110.0% 28.2%Depreciation TFA and (acquired) intangibles 17,737 3.9% 16,555 4.1% 17,953 5.8% 7.1% -7.8%Adjusted EBIT 40,028 8.7% 10,955 2.7% 3,512 1.1% 265.4% 211.9%Capital expenditures TFA and software 36,893 8.0% 8,002 2.0% 3,810 1.2% 361.0% 110.0%Interest in associates 15,841 13,723 11,316Segment assets 303,049 288,556 226,584Segment liabilities 126,886 140,825 144,702The Entertainment division delivered consecutive double-digit sales growth of 15% and 29% respectively in 2023 and 2022. Cinema built further on the strong momentum started in the second half of 2022 and driven by the renewal wave of lamp-to-laser technology, offering superior image quality to viewers and a lower total cost of ownership for cinema operators, while Immersive Experience recorded the highest sales year so far, for the second year in a row, fueled by simulation, image processing and projectors for fixed installations.The high sales growth in Entertainment was despite a weak performance in China where demand has not yet recovered from the pandemic.With supply chain challenges resolved and on the strength of a more favorable product mix, with more (embedded) software and services revenues, the gross profit margin for Entertainment grew to an all-time high of 37.5%, up 6.4 per-centage points versus last year. Operating leverage on the double-digit topline growth resulted in an EBITDA margin for the division that jumped from 6.9% in 2022 to 12.5% in 2023. Increase in segment assets in 2023 are mainly the result of additional capex investments for cinema-as-a-service (2023: 24 million euro; 2022:3 million euro). The increase in 2022 was 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.2.5. Reconciliation of segment information with group informationIn thousands of euro 2023 2022 2021External salesHealthcare 285,892 341,701 261,486 At a point in time revenues 281,657 99% 337,983 99% 257,466 98% Over time revenues 4,234 1% 3,718 1% 4,020 2%Enterprise 303,761 317,250 233,090 At a point in time revenues 213,117 70% 232,932 73% 161,093 69% Over time revenues 90,644 30% 84,319 27% 71,996 31%Entertainment 460,484 399,339 309,712 At a point in time revenues 409,375 89% 364,830 91% 276,981 89% Over time revenues 51,108 11% 34,509 9% 32,731 11%Total external sales segments 1,050,137 1,058,291 804,288 At a point in time revenues 904,151 86% 935,745 88% 695,541 86% Over time revenues 145,987 14% 122,546 12% 108,747 14%Net IncomeEBITDA Healthcare 27,797 38,354 22,399 Enterprise 56,934 60,609 14,645 Entertainment 57,765 27,510 21,465Depreciation and other amortizations Healthcare 14,248 11,176 11,775 Enterprise 8,405 8,601 9,408 Entertainment 17,737 16,555 17,953Adjusted EBIT Healthcare 13,549 27,179 10,624 Enterprise 48,529 52,009 5,237 Entertainment 40,028 10,955 3,512Total adjusted EBIT 102,106 90,143 19,373In thousands of euro 2023 2022 2021Restructuring and impairments -10,811 -2,500 -6,420EBIT 91,295 87,643 12,953Interest income (expense) - net 4,684 843 -1,110Income/(loss) before taxes 95,979 88,486 11,843Income taxes -17,276 -15,927 -2,132Result after taxes 78,703 72,559 9,711Share in the result of joint ventures and associates 2,539 3,337 48Net income 81,242 75,896 9,759Net income attributable to non-controlling interest 1,074 677 878Net Income attributable to 80,168 75,219 8,881the equity holder of the parentThe total over time revenues relate for 48% to project sales mainly in the Enterprise division and for 52% to recurring ser-vice revenues generated on maintenance and lease contracts mainly in Entertainment and Enterprise.The increase in overtime revenue is mainly coming from cine-ma-as-a-service amounting to 9.3 million euro, from additional maintenance contracts, mainly in Cinema and more projects sold in Enterprise.In thousands of euro 2023 2022 2021AssetsSegment assets Healthcare 180,253 193,103 141,127 Enterprise 216,087 195,912 202,365 Entertainment 303,049 288,556 226,584Total segment assets 699,389 677, 572 570,076Deferred tax assets 57,040 55,239 64,155Short term investments 4,670 1,651 2,763Cash and cash equivalents 286,077 305,915 351,571Other non-allocated assets 112,239 107,028 115,684Total assets 1,159,415 1,147,405 1,104,249In thousands of euro 2023 2022 2021LiabilitiesSegment liabilities Healthcare 62,101 74,717 59,882 Enterprise 60,421 75,144 81,053 Entertainment 126,886 140,825 144,702Total segment liabilities249,408 290,687285,637Equity attributable to equityholders of the parent 795,334 759,189 693,783Non-controlling interest 15,961 19,792 41,031Long-term debts 32,217 32,335 34,366Deferred tax liabilities 3,576 3,229 3,823Current portion of long-term debts 12,288 11,217 10,218Short-term debts 5,095 - -Other non-allocated liabilities 45,536 30,957 35,390Total equity and liabilities 1,159,415 1,147,405 1,104,2492.6. Geographic informationManagement 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 and Middle-East and Africa (EMEA), Americas (North-America and LATAM) and Asia-Pacific (APAC). There is no significant (i.e. representing more than 10% of the Group\u2019s revenue) concentration of Barco\u2019s revenues with one customer. Sales to Belgium represent 16 million euro of the Group revenues in 2023 versus 42 million euro in 2022 and 21 million in 2021. The table on the right gives an overview of the sales and assets per region and the most important capital expenditures in non-current assets per region.EMEA and Americas contributed both 40% of total 2023 sales. EMEA sales grew while the Americas sales were lower mostly driven by Healthcare. The smaller contribution of APAC in 2023 compared to last year, was driven by weak sales in China in Entertainment and Healthcare. We refer to the \u2018Comments on the group results\u2019 for a split of revenue from external customers based on the geographical location of the customers to whom the invoice is issued.In thousands of euro 2023 2022 2021Net salesEMEA420,564 40.0% 405,190 38.3% 305,199 37.9%Americas420,077 40.0% 435,793 41.2% 300,826 37.4%Asia-Pacific209,496 20.0% 217,308 20.5% 198,262 24.7%Total1,050,137 100% 1,058,291 100% 804,288 100%Total assetsEMEA 498,129 42.9% 515,349 44.9% 557,571 50.5%Americas 294,178 25.4% 266,778 23.3% 180,303 16.3%Asia-Pacific 367,108 31.7% 365,277 31.8% 366,375 33.2%Total 1,159,415 100% 1,147,405 100% 1,104,249 100%Purchases of tangible and intangible fixed assets*EMEA 13,202 24.2% 10,037 47.3% 8,186 43.6%Americas 24,084 44.3% 3,763 17.7% 1,223 6.5%Asia-Pacific 17,122 31.5% 7,418 35.0% 9,379 49.9%Total 54,408 100% 21,218 100% 18,787 100%(*) As included in the consolidated statement of cash flow.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 seen in the table on the right.The allocation remained the same over 2023, 2022 and 2021. The Group performed its annual impairment test in the fourth quarter of 2023 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 2023, the market capitalization of the Group was almost two 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 9.5% (2022: 10.1%; 2021: 8.7%) and cash flows beyond the five-year period are extrapolated using a conservative growth rate of 0% (2022 and 2021: 0%).Cash-generating units in thousands of euro 2023-2021Healthcare 28,263 Enterprise 41,785 Entertainment 35,564 Total goodwill (net book value) 105,612 The amount by which the unit\u2019s recoverable amount exceeds its carrying amount is 79 million euro (151 million euro in 2022) in Healthcare, 313 million euro in Enterprise (130 million euro in 2022) and 66 million euro in Entertainment (106 million euro in 2022). For Healthcare, the decrease compared to last year is fully explained by the lower 2023 sales level which is the starting point for the impairment exercise at 0% sales growth over the projected period, while having a higher work-ing capital. Lower headroom in Entertainment is explained by the higher carrying amount due to investments for cine-ma-as-a-service and higher working capital while sales level and EBITDA % increased compared to 2022. Even with this high level of conservatism applied, we can conclude that there is no impairment risk.The same level of conservatism is applied to the EBITDA %, where we used the average of the last 2 years (2023-2022), excluding the covid impacted year (2021).A similar approach has been used in the past, where the EBITDA % used was the average of the last 3 years, except for Entertainment where we used the pre-covid EBITDA level of 9.2% in the 2022 goodwill impairment test.Despite the high level of conservatism applied, all three divi-sions have sufficient headroom.A sensitivity analysis is performed on all cash-generating units with respect to the discount rate (see Sensitivity to changes in assumptions \u2013 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 testThe two divisions that were impacted the most by the supply constraints in 2022, Entertainment and Healthcare show the highest decrease in raw materials, as supply constraints are resolved in 2023.",
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"s10_notes__7__190": {
"value": "Barco is a global technology company developing solutions for three main markets, which is also reflected in its divisional structure: Healthcare, Enterprise and Entertainment.",
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"s10_notes__7__212-1": {
"value": "2.2. HealthcareIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 285,892 100.0% 341,701 100% 261,486 100% -16.3% 30.7%Cost of goods sold -182,946 -64.0% -225,340 -65.9% -174,294 -66.7% -18.8% 29.3%Gross profit 102,946 36.0% 116,361 34.1% 87,192 33.3% -11.5% 33.5%EBITDA 27,797 9.7% 38,354 11.2% 22,399 8.6% -27.5% 71.2%Depreciation TFA and (acquired) intangibles 14,248 5.0% 11,176 3.3% 11,775 4.5% 27.5% -5.1%Adjusted EBIT 13,549 4.7% 27,179 8.0% 10,624 4.1% -50.1% 155.8%Capital expenditures TFA and software 14,611 5.1% 6,193 1.8% 12,271 4.7% 135.9% -49.5%Segment assets 180,253 193,103 141,127Segment liabilities 62,101 74,717 59,882Sales for Healthcare were impacted by channel inventories above normal levels, following a surge in customer orders at the end of 2022, and the phasing-out of an unusually large contract that ended at year-end 2022, while the phasing-in of orders under confirmed new contracts for new platforms from the end of 2023 onwards, in Surgical & Modality, leading to a sales decline of 16% in 2023 after a year of 31% growth. The gross profit margin for Healthcare increased to 36.0%, versus 34.1% one year earlier. This reflects a favorable product mix with proportionally more (embedded) software products, partially offset by temporary transfer and costs associated with ramping up the new factory. Although indirect spend-ing increased less than the general inflation rate, operating deleverage on the lower topline resulted in an EBITDA margin of 9.7%, a decline of 1.5 ppts versus last year.Decrease in segment assets in 2023 are mainly the result of lower trade receivables in line with the lower topline.Total capital expenditure over 2021-2023 include facility and production investments in Suzhou for a total amount of 15 million euro. In 2023 increase in capital expenditure is an extra investment in the production in Suzhou. We refer to 'Our results' and 'Risk management and control processes' for more explanation.2.3. EnterpriseIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 303,761 100.0% 317,250 100% 233,090 100% -4.3% 36.1%Cost of goods sold -140,816 -46.4% -144,922 -45.7% -124,529 -53.4% -2.8% 16.4%Gross profit 162,945 53.6% 172,328 54.3% 108,561 46.6% -5.4% 58.7%EBITDA 56,934 18.7% 60,609 19.1% 14,645 6.3% -6.1% 313.9%Depreciation TFA and (acquired) intangibles 8,405 2.8% 8,601 2.7% 9,408 4.0% -2.3% -8.6%Adjusted EBIT 48,529 16.0% 52,009 16.4% 5,237 2.2% -6.7% 893.0%Capital expenditures TFA and software 2,904 1.0% 4,015 1.3% 2,706 1.2% -27.7% 48.4%Interest in associates 13,251 13,443 9,557Segment assets 216,087 195,912 202,365Segment liabilities 60,421 75,144 81,053The Enterprise division saw a strong topline growth over 2022, resulting in a year-over-year increase in sales of 36.1% led by Meeting Experience, driven by a global return-to-the-office wave. In 2023, Enterprise sales were 4% lower than 2022 as the division experienced difficult market conditions with companies delaying investments as they reconsidered their flexible office and meeting room requirements, impacting sales in Meeting Experience. Sales in Large Video Walls started soft at the begin-ning of the year, but improved through the second half.Enterprise delivered an EBITDA margin, close to last year, of 18.7%. The announced strategy revisit in Large Video Walls started to yield results as of the second half year leading to a positive EBITDA result, largely offsetting the first half year\u2019s EBITDA loss, The more difficult market conditions and lower sales in 2023, led to a less favorable product mix impact com-pared to last year. Segment assets increased in 2023 with 20 million euro, mainly the result of higher trade receivables due to end of year sales spike and longer payment terms granted, mainly in EMEA and APAC.We refer to 'Our results' and 'Risk management and control processes' for more explanation.2.4. EntertainmentIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 460,484 100.0% 399,339 100% 309,712 100% 15.3% 28.9%Cost of goods sold -287,851 -62.5% -275,276 -68.9% -217,980 -70.4% 4.6% 26.3%Gross profit 172,633 37.5% 124,063 31.1% 91,732 29.6% 39.1% 35.2%EBITDA 57,765 12.5% 27,510 6.9% 21,465 6.9% 110.0% 28.2%Depreciation TFA and (acquired) intangibles 17,737 3.9% 16,555 4.1% 17,953 5.8% 7.1% -7.8%Adjusted EBIT 40,028 8.7% 10,955 2.7% 3,512 1.1% 265.4% 211.9%Capital expenditures TFA and software 36,893 8.0% 8,002 2.0% 3,810 1.2% 361.0% 110.0%Interest in associates 15,841 13,723 11,316Segment assets 303,049 288,556 226,584Segment liabilities 126,886 140,825 144,702The Entertainment division delivered consecutive double-digit sales growth of 15% and 29% respectively in 2023 and 2022. Cinema built further on the strong momentum started in the second half of 2022 and driven by the renewal wave of lamp-to-laser technology, offering superior image quality to viewers and a lower total cost of ownership for cinema operators, while Immersive Experience recorded the highest sales year so far, for the second year in a row, fueled by simulation, image processing and projectors for fixed installations.The high sales growth in Entertainment was despite a weak performance in China where demand has not yet recovered from the pandemic.With supply chain challenges resolved and on the strength of a more favorable product mix, with more (embedded) software and services revenues, the gross profit margin for Entertainment grew to an all-time high of 37.5%, up 6.4 per-centage points versus last year. Operating leverage on the double-digit topline growth resulted in an EBITDA margin for the division that jumped from 6.9% in 2022 to 12.5% in 2023. Increase in segment assets in 2023 are mainly the result of additional capex investments for cinema-as-a-service (2023: 24 million euro; 2022:3 million euro). The increase in 2022 was 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.2.5. Reconciliation of segment information with group informationIn thousands of euro 2023 2022 2021External salesHealthcare 285,892 341,701 261,486 At a point in time revenues 281,657 99% 337,983 99% 257,466 98% Over time revenues 4,234 1% 3,718 1% 4,020 2%Enterprise 303,761 317,250 233,090 At a point in time revenues 213,117 70% 232,932 73% 161,093 69% Over time revenues 90,644 30% 84,319 27% 71,996 31%Entertainment 460,484 399,339 309,712 At a point in time revenues 409,375 89% 364,830 91% 276,981 89% Over time revenues 51,108 11% 34,509 9% 32,731 11%Total external sales segments 1,050,137 1,058,291 804,288 At a point in time revenues 904,151 86% 935,745 88% 695,541 86% Over time revenues 145,987 14% 122,546 12% 108,747 14%Net IncomeEBITDA Healthcare 27,797 38,354 22,399 Enterprise 56,934 60,609 14,645 Entertainment 57,765 27,510 21,465Depreciation and other amortizations Healthcare 14,248 11,176 11,775 Enterprise 8,405 8,601 9,408 Entertainment 17,737 16,555 17,953Adjusted EBIT Healthcare 13,549 27,179 10,624 Enterprise 48,529 52,009 5,237 Entertainment 40,028 10,955 3,512Total adjusted EBIT 102,106 90,143 19,373In thousands of euro 2023 2022 2021Restructuring and impairments -10,811 -2,500 -6,420EBIT 91,295 87,643 12,953Interest income (expense) - net 4,684 843 -1,110Income/(loss) before taxes 95,979 88,486 11,843Income taxes -17,276 -15,927 -2,132Result after taxes 78,703 72,559 9,711Share in the result of joint ventures and associates 2,539 3,337 48Net income 81,242 75,896 9,759Net income attributable to non-controlling interest 1,074 677 878Net Income attributable to 80,168 75,219 8,881the equity holder of the parent3. Income from operations (EBIT)In thousands of euro 2023 2022 2021Sales 1,050,137 1,058,291 804,288Cost of goods sold -611,614 -645,538 -516,803Gross profit 438,523 412,753 287,485Gross profit as % of sales 41.8% 39.0% 35.7%Indirect costs -338,121 -320,947 -265,437Other operating income (expenses) - net 1,704 -1,663 -2,676Adjusted EBIT 102,106 90,143 19,373Adjusted EBIT as % of sales 9.7% 8.5% 2.4%Restructuring and impairments -10,811 -2,500 -6,420EBIT 91,295 87,643 12,953EBIT as % of sales 8.7% 8.3% 1.6%2023 sales amounted to 1,050.1 million euro, in line with last year. Double digit growth in Entertainment, mainly driven by cinema, was offset by a small decline in Enterprise and a more pronounced decline in Healthcare. While sales grew 4% in EMEA, sales were 4% lower year-over-year in the Americas. EMEA and Americas contributed both 40% of the 2023 topline. Within the APAC region, there was a clear contrast between lower sales in China and double-digit growth in the other countries, resulting in a net decline of 4%. In 2022 topline increased 32% compared to 2021, close to the pre-pandemic 2019 level. All regions, except for China were 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. In 2021 topline was impacted by prolonged pandemic induced restrictions and component shortages, which caused delays in converting orders to sales.The gross profit margin improved 2.8 ppts year-over-year to 41.8% as a result of a more favorable product mix with more (embedded) software across all product lines and the absence of the high costs for brokerage and logistics that were experi-enced in 2022 due to the supply chain constraints. The biggest step-up in gross profit margin was in Entertainment, where the supply chain constraints that hampered the business in 2022 were no longer present this year. Adjusted EBIT margin reached 9.7% in 2023, up 1.2 percentage points versus 2022 and up 7.3 points versus 2021, reflecting the strong improvement in gross profit margin. Indirect costs in 2023 increased 5% to 338.1 million euro (32.2% of sales; 2022: 30.3%, 2021: 33%), driven by continued high levels of inflation, partially offset by cost control in all indirect spend categories, while further investing in visualization and collaboration technologies, product roadmap, and go to mar-ket investments in Entertainment.In 2023, EBIT includes restructuring and impairment costs for an amount of 10.8 million euro versus 2.5 million euro the year before, including 9.5 million euro lay-off costs and 1.3 million euro impairments. The lay-off costs were linked to the Large Video Walls strategy revisit, as well as several other organizational cost efficiencies. 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 differ-ent countries and functions. For more details on adjusting items we refer to note 5. Restructuring and impairment.In thousands of euro Note 2023 2022 2021Adjusted EBIT 102,106 90,143 19,373Depreciations and amortizations940,390 36,331 39,136EBITDA 142,496 126,474 58,509EBITDA as % of sales 13.6% 12.0% 7.3%The significant increase in gross profit, which was partially offset by higher indirect expenses resulted in an EBITDA of 142.5 mil-lion euro, 13% higher than the EBITDA of 126.5 million euro for 2022. The EBITDA margin grew to 13.6% versus 12.0% in 2022.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 versus last year), compared to an EBITDA margin of 7.3% in 2021. In 2023 depreciations are 4 million higher than in 2022, explained by higher depreciations from cinema-as-a-service. See note 9. Other intangible and tangible fixed assets.In 2022 depreciations and amortizations are 2.8 million lower than in 2021, explained by fully amortized software and acquired know how in 2022.Indirect costs and other operating income (expenses) - netIn thousands of euro 2023 2022 2021Research and development expenses (a) -132,282 -120,493 -101,338Sales and marketing expenses (b) -145,891 -142,740 -116,240General and administration expenses (c) -59,948 -57,714 -47,858Indirect costs -338,121 -320,947 -265,437Indirect costs as % of sales 32.2% 30.3% 33.0%Other operating income (expenses) - net (d) 1,704 -1,663 -2,676Indirect costs and other operating income (expenses) - net -336,417 -322,610 -268,112Indirect costs in 2023 increased 5% to 338.1 million euro (32.2% of sales; 2022: 30.3%, 2021: 33%), driven by continued high levels of inflation (as of 2022), partially offset by cost control in all indirect spend categories, while further investing in visu-alization and collaboration technologies, product roadmap, and go-to-market investments in Entertainment.In 2021 indirect costs in absolute numbers were substantially lower than in 2023 and 2022 because of extended cost con-tainment measures such as implemented temporary work arrangements and economic unemployment measures for both white and blue collars, which were put in place to miti-gate the negative impact of the pandemic on the company\u2019s topline, which was higher than the reduction in indirect costs could compensate for. Impact of inflation and merit in the Company kicks in as of the second half of the year. 2023 indirect costs therefore include the impact of the higher inflation in 2022 as of the second half year of 2022, while the higher inflation in 2023 is included as of the second half year of 2023.(a) Research and development expensesResearch and development activities are spread over the divisions as follows:In thousands of euro 2023 % of sales 2022 % of sales 2021 % of salesTotal research & development expenses132,282 12.6% 120,493 11.4% 101,338 12.6%In 2023 research and development expenses represent 12.6% of sales (11.4% in 2022, 12.6% in 2021). In absolute numbers research and development expenses have increased 12 million euro, a result of continued high inflation, while further investing in the Company\u2019s product roadmap to sustain and extend the Company\u2019s technology leadership position. In 2021, the lower absolute level of research and development expenses was the result of cost containment measures taken as response to the covid crisis. 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 for the EU tax-onomy eligible opex in 2023.(b) Sales and marketing expensesIn thousands of euro 2023 % of sales 2022 % of sales 2021 % of salesSales and marketing expenses145,891 13.9% 142,740 13.5% 116,240 14.5%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 2023 are 13.9% of sales compared to 13.5% in 2022 and 14.5% in 2021. The absolute increase in 2023 is the result of inflation, partially offset by cost containment actions and go-to-market investments in Entertainment. In 2021, the lower absolute level of research and developmentexpenses was the result of cost containment measures takenas response to the covid crisis.(c) General and administration expensesIn thousands of euro 2023 % of sales 2022 % of sales 2021 % of salesGeneral and administration expenses59,948 5.7% 57,714 5.5% 47,858 6.0%General and administrative expenses in 2023 are at 5.7% of sales, as a result of higher inflation partially offset by cost containment actions. In 2022, in absolute numbers expenses increased with almost 10 million euro, due to the impact of the inflation 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 expenses were lower due to 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 (2023: 43%, 2022: 42%, 2021: 47%).(d) Other operating income (expense) \u2013 netIn thousands of euro 2023 2022 2021Share in the result of BarcoCFG (a) 3,053 2,764 3,028Bad debt provisions (net of write-offs and reversals of write-offs) 297 -243 448Cost of share-based payments (b) -2,230 -1,548 -3,067Exchange losses (c) -2,262 -672 -63Other provisions (net of additions and reversals of provisions) (d) 896 72 -1,059Bank charges -956 -1,139 -778Customer financial discounts -802 -1,230 -571Gains/(Loss) on disposal of tangible fixed assets 4,725 1,670 1,824Other (net) -1,017 -1,337 -2,438Other operating income (expense) 1,704 -1,663 -2,676(a) The 49% share in the net result of BarcoCFG is represented in EBITDA. See note 11. (b) We refer to note 16. Equity attributable to equity holders of the parent \u2013 2. Share based payments.(c) Higher exchange loss in 2023 is caused by less favorable USD impact than in 2022.(d) We refer to note 19. Provisions.4. Revenues and expenses by natureThe table below provides information on the major items contributing to the adjusted EBIT, categorized by nature.In thousands of euro 2023 2022 2021Sales1,050,137 1,058,291 804,288Material cost-498,854 -47% -534,317 -50% -430,858 -54%Services and other costs-105,038 -10% -106,529 -10% -70,942 -9%Personnel cost (a)-305,452 -29% -289,308 -27% -241,303 -30%Depreciation property, plant, equipment and software-40,390 -4% -36,331 -3% -39,136 -5%Other operating income (expense) - net (note 3)1,704 0% -1,663 0% -2,676 0%Adjusted EBIT102,106 10% 90,143 9% 19,373 2%Material costs in 2023 is 7% lower than 2022, while topline remained at the same level as 2022, as a result of the absence of the exceptionally high costs for brokerage and logistics that were experienced in 2022 and 2021 due to supply chain constraints and a more favorable product mix with more (embedded) software. As the material cost decreased and the topline remained in line, we see an improvement of the direct gross margin in absolute numbers and relative of 3 percentage points com-pared to last year. Personnel cost in 2023 is 6% higher than 2022, while 2022 was 20% higher than 2021, a result of increased headcount and continued high inflation.Personnel cost in 2021 included temporary measures and exe-cuted lay-offs to align costs with lower demand caused by the impact of the pandemic on the Company\u2019s markets. The com-pany therefore implemented temporary work arrangements and economic unemployment measures for both white and blue collars, in conformity with country specific legal frame-works, support mechanisms and regulations. In 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,\u2026 ). The company made deliberate choices on the continuation and timetable of selected devel-opment projects and adjusted internal and external support levels in function of the focus shift. These measures are no longer in place as of 2022 and explain part of the increase in services and other costs, together with higher inflation and contractors hired to fill temporary gaps mainly in 2022. In 2023, the continued higher inflation was offset by strict discipline on discretionary spending. a) Personnel costIn thousands of euro 2023 2022 2021Wages and salaries -250,641 -237,564 -194,851Social security contributions -30,300 -27,709 -26,642Pension expense for defined benefit plans -13,461 -12,859 -12,554Temporary labour -3,285 -4,004 -1,661Recruiting expenses -1,869 -2,264 -1,294Other personnel cost -5,896 -4,908 -4,301Personnel cost -305,452 -289,308 -241,303Personnel cost includes the cost for temporary personnel for an amount of 3.3 million euro (in 2022: 4 million euro, in 2021: 1.7 million euro).5. Restructuring and impairment costsThe table below shows the restructuring and impairment costs recognized in the income statement.In thousands of euro Note 2023 2022 2021Restructuring (cash) 19 -9,500 -2,500 -4,920Impairments (non-cash) -1,311 - -1,500Total restructuring and impairments -10,811 -2,500 -6,420Restructuring charges in 2023 include 9.5 million euro lay-off (cash) costs, linked to the strategic review of Large Video Walls and several other organizational cost efficiencies and affected in total 153 employees. Non-cash restructuring costs relate to 1.3 million euro write off on inventories as a result of the strategic decisions taken in Large Video Walls. Barco has completed the strategic review of its Large Video Walls business, as announced in the beginning of 2023, by the middle of the year with the clear objective to return to sustainable profitability by accelerating investments in software product portfolio and optimizing the organization for success. We refer to CORE report - 06. Our markets for more explana-tion on the transformation of Large Video Walls. The restructuring charges linked to Large Video Walls are a result of the strategic decisions on rebalancing the R&D port-folio, to focus on profitable products and markets and to align supporting sales and marketing activities and service model to the focus on software and workflows.At the end of 2022, the Company has recorded 2.5 million euro of restructuring (cash) costs as a result of scaling down activities.In 2021, as a result of the redesign of the organization 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 for-mer leadership team members, accounted for the moment they stopped providing services to the Company. Restructuring cash costs include a provision for severance of 4.4 million euro (2022: 1.7 million, 2021: 0.5 million euro) (see note 19. Provisions). The people impacted have all been notified before the end of 2023. Their last working day and severance pay out will be in the course of 2024. In 2023 6.8 million euro (2022: 1.2 million euro and in 2021: 8.2 million euro) of restructuring was paid (see consolidated statement of cash flow).6. Income taxesIn thousands of euro Note 2023 2022 2021Current versus deferred income taxesCurrent income taxes -19,573 -13,301 -5,333Deferred income taxes 10 2,297 -2,626 3,201Income taxes -17, 276 -15,927 -2,132Income taxes versus income before taxesEBIT 91,295 87,643 12,953Interest income (expense) - net 4,684 843 -1,110Income before taxes 95,979 88,486 11,843Income taxes -17,276 -15,927 -2,132Effective income tax rate % 18.0% 18.0% 18.0%Income before taxes 95,979 88,486 11,843Theoretical tax rate % 25% 25% 25%Theoretical tax credit/(cost) -23,995 -22,122 -2,961Innovation income deduction (IID) 9,098 6,518 5,224Effect of different tax rates in non-Belgian affiliates -902 -523 546Changes in deferred tax on undistributed earnings (a) -4,500 - -Uncertain tax treatment (b) 250 60 280Income not taxed Other income exempt from tax (mainly government grants) 4,298 2,758 1,706Non deductible expenses Dividends received (c) -132 -90 -319 Other non-deductible expenses -1,942 -1,693 -2,038Tax adjustments related to prior periods -14 -773 -165Deferred tax assets, derecognized in current year (d) -1,078 -420 -9,377Set-up/use of deferred tax assets, not recognized in prior years 99 357 533Realized capital gain on investment in affiliates (e) 1,542 - 4,439Taxes related to current income before taxes -17,276 -15,927 -2,132(a) Deferred tax recognized on undistributed earnings of subsidiaries which are expected to be distributed in the foreseeable future.(b) 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.(c) Includes withholding taxes on dividends received and tax impact of intragroup dividends that did not apply for a dividend received exemption regime to their full extent.(d) 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 mainly in Barco NV (Belgium). Reference is made to note 10. (e) Net gain on investments realized in Barco NV exempted from tax. The gain in 2021 related to the liquidation of Barco Taiwan Technology Ltd.9. Other intangible and tangible fixed assets9.1 Other intangible assetsIn thousands of euro 2023 2022 2021Other Intangible Customer Other assets under SoftwareRelations Know-howIntangible Assetsconstruction Total Total TotalAt costOn 1 January 65,998 9,818 47,569 5,200 62 128,646 136,578 134,608Expenditure 1,210 - 177 3 1,870 3,261 3,836 1,230Sales and disposals -547 - -4,450 - - -4,997 -20,094 -3,312Acquisition of subsidiaries - - - - - - 7,607 -Transfers 527 - - - -527 - - -Translation (losses)/gains -92 -97 -517 -20 - -726 719 4,052On 31 December 67,097 9,721 42,779 5,183 1,404 126,185 128,646 136,578Amortizations and impairmentOn 1 January 54,703 9,818 39,928 4,946 - 109,396 119,151 105,655Amortization 5,117 - 2,067 23 - 7,207 10,037 13,095Impairment - - 2,745 - - 2,745 - -Sales and disposals -547 - -4,450 - - -4,997 -20,094 -3,312Transfers - - -10 10 - - - -Translation (losses)/gains -55 -97 -28 -13 - -192 302 3,713On 31 December 59,219 9,721 40,253 4,966 - 114,159 109,396 119,151Carrying amountOn 1 January 11,296 - 7,640 253 62 19,251 17,427 28,952On 31 December 7,879 - 2,526 216 1,404 12,026 19,251 17,427Barco\u2019s intangibles mainly include SAP ERP software and remaining book value of acquired know how. In 2023, capital expenditures for intangible assets amount to 3.3 million euro (2022: 3.8 million euro, 2021: 1.2 million euro). Expenditures in 2023 mainly related mainly related to the implementation of a cloud-based IT platform automa-tion solution, a supplier relationship management tool as well as smaller investments in IT security. Other intangible assets under construction include ongoing projects related to a healthcare complaint handling tool and initial costs related to the planned S4HANA migration.Expenditures in 2022 and 2021 mainly related to new customer relationship management (CRM) software. In 2022, as a result of the Dermicus 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. Disposals in 2023 relate to fully amortized IT software which is no longer used and part of the stake, recorded as fully amortized know-how, transferred to new investors, realizing a gain of 4.6 million euro (see note 3.d other operating income (expense) \u2013 net). Disposals in 2022 and 2021 relate to fully amortized IT software which is no longer used.The group performed its annual impairment review on acquired intangibles in the fourth quarter of 2023 consistently with prior years. Special attention was paid to the potential impacts of the macroeconomic environment. The test con-cluded in an impairment of 2.7 million euro.Barco does not hold intangible assets with indefinite lifetime.9.2. Tangible fixed assetsIn thousands of euro 2023 2022 2021Furniture, Plant, office OtherLand and machinery and equipment property, plant Assets under Total Other buildingsequipmentand vehiclesand equipmentconstructiontangible assets Total Total TotalAt costOn 1 January 132,549 87,566 44,086 13,813 7,238 152,704 285,253 284,317 267,104Expenditure* 6,300 25,195 11,568 1,003 20,426 58,193 64,493 30,020 27,040Sales and disposals -2,104 -1,475 -4,284 -370 - -6,130 -8,233 -28,034 -16,614Transfers -437 3,682 583 43 -3,872 437 - - -Translation (losses)/gains -2,300 -1,905 -484 -331 -550 -3,270 -5,570 -1,050 6,786On 31 December 134,009 113,063 51,470 14,159 23,242 201,934 335,943 285,253 284,317Depreciation and impairmentOn 1 January 62,872 58,751 31,690 9,082 - 99,523 162,395 157,430 143,630Depreciation 10,955 10,818 6,900 1,765 - 19,483 30,438 26,294 26,041Sales and disposals -2,034 -1,330 -4,295 -223 - -5,847 -7,882 -21,137 -15,787Transfers - 75 78 -153 - - - - -Translation (losses)/gains -1,263 -565 -381 -227 - -1,172 -2,436 -191 3,546On 31 December 70,529 67,749 33,993 10,246 - 111,988 182,517 162,396 1 57,430Carrying amountOn 1 January 69,677 28,815 12,396 4,731 7,238 53,181 122,856 126,887 123,474On 31 December 63,479 45,314 17,47 7 3,913 23,242 89,947 153,426 122,856 126,887(*) Expenditures also include the additions for IFRS16.Capital expenditures for tangible assets in 2023, excluding the impact of IFRS16, amount to 51.1 million euro. Major invest-ments in 2023 are related to leasing agreements concluded with cinema customers (2023: 24.5 million euro; 2022: 3 million euro), investment in the new factories in China, both facility and production related (2023: 15 million euro; 2022: 10 million euro; 2021: 8 million euro).Further, capital expenditures include machinery and tooling linked to new product introduction projects (2023: 4 million euro; 2022: 2 million euro; 2021: 2.5 million euro), IT hardware equipment (2023: 2.2 million euro; 2022: 2.5 million euro; 2021: 2.4 million euro) and renewal of demo experience cen-ters (2023: 0.2 million euro; 2022: 2.0 million euro) . The total amount of capital expenditure for tangible assets in 2023 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 \u201cTaxonomy-eligible economic activity - Turnover\u201d. We refer to the note on EU taxonomy.Disposals in 2023 mainly relate to machinery & equipment and furniture, which are no longer in use and fully written down.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 machinery & equipment and furniture, which are no longer in use and fully written down.Disposals in 2021 mainly relate to 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.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 \u2018Critical account-ing judgements and key sources of estimation uncertainty\u2019 for more explanation on the impact of the macroeconomic environment on Barco\u2019s operations.Leases - lessee accountingThis 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 2023 2022 2021Buildings Vehicles Other assets Total Total TotalOn 1 January 40,164 11,041 - 51,205 46,922 39,013New leases or extensions of current leases 6,028 8,113 85 14,226 10,986 10,702Termination of leases -1,512 -2,382 -3 -3,896 -6,586 -4,403Translation (losses)/gains -1,142 3 -1 -1,140 -117 1,611On 31 December 43,538 16,775 81 60,394 51,205 46,922Depreciation and impairmentOn 1 January -20,884 -5,487 - -26,371 -21,119 -14,415Depreciation -6,899 -3,303 -20 -10,222 -9,539 -10,023Termination of leases 1,494 2,382 3 3,878 4,141 3,956Translation (losses)/gains 681 2 - 683 146 -636On 31 December -25,609 -6,406 -17 -32,031 -26,371 -21,119Right-of-use assetsOn 1 January 19,280 5,554 - 24,834 25,803 24,598On 31 December 17,930 10,369 65 28,363 24,834 25,803Additions to the right-of-use assets during 2023 were 14.2 million euro (2022: 11 million euro; 2021: 10.7 million euro) split over leased buildings (2023: 6 million euro; 2022: 7.6 million euro) and leased vehicles (2023: 8.1 million euro; 2022: 3.4 million euro). The additions are both renewals of existing lease agreements as well as a lease agreement in Norway.We refer to note 14 for more information on the lease liabilities.The statement of profit or loss shows the following amounts relating to leases:In thousands of euro 2023 2022 2021Buildings -6,899 -6,936 -7,591Vehicles -3,303 -2,604 -2,433Other assets -20 - -Total depreciation charge of right-of-use assets -10,222 -9,539 -10,023Interest expense (included in finance cost) -1,225 -1,072 -1,066Expense relating to short-term leases - - -17Expense relating to leases of low-value assets that are not shown above as short-term leases -7 -19 -24The total cash outflow for leases including interests in 2023 was 10 million euro (2022: 9.2 million euro; 2021: 9.7 million euro).Leases \u2013 lessor accountingThis note provides more information for leases where the Group is a lessor:In 2022, AMC Theatres, the largest theatrical exhibitor in the United States, in Europe & the Middle East, announced that they will upgrade their theaters with new Barco laser projectors via cinema-as-a-service program. Barco remains owner of the laser projectors and therefore the assets are included in the tangible fixed assets under plant, machinery and equipment. The total investments for all the cinema customers who have stepped into a cinema-as-a-service program in 2023 amounted to 24.5 million euro (2022: 3 million euro).Installation of laser projectors under the cinema-as-a-service program started in 2023.For the current cinema-as-a-service installed projectors, the following undiscounted lease payments are expected in the coming 5 years:In thousands of euro 2023Receivable in 2024 17,134Receivable in 2025 17,089Receivable in 2026 17,089Receivable in 2027 16,733Receivable in 2028 7,621Total receivable 75,665In 2023 write-offs recognized as expense represent 1.2% of sales or 12.1 million euro, compared to 0.7% in 2022 and 2021.",
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"value": "2.2. HealthcareIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 285,892 100.0% 341,701 100% 261,486 100% -16.3% 30.7%Cost of goods sold -182,946 -64.0% -225,340 -65.9% -174,294 -66.7% -18.8% 29.3%Gross profit 102,946 36.0% 116,361 34.1% 87,192 33.3% -11.5% 33.5%EBITDA 27,797 9.7% 38,354 11.2% 22,399 8.6% -27.5% 71.2%Depreciation TFA and (acquired) intangibles 14,248 5.0% 11,176 3.3% 11,775 4.5% 27.5% -5.1%Adjusted EBIT 13,549 4.7% 27,179 8.0% 10,624 4.1% -50.1% 155.8%Capital expenditures TFA and software 14,611 5.1% 6,193 1.8% 12,271 4.7% 135.9% -49.5%Segment assets 180,253 193,103 141,127Segment liabilities 62,101 74,717 59,882Sales for Healthcare were impacted by channel inventories above normal levels, following a surge in customer orders at the end of 2022, and the phasing-out of an unusually large contract that ended at year-end 2022, while the phasing-in of orders under confirmed new contracts for new platforms from the end of 2023 onwards, in Surgical & Modality, leading to a sales decline of 16% in 2023 after a year of 31% growth. The gross profit margin for Healthcare increased to 36.0%, versus 34.1% one year earlier. This reflects a favorable product mix with proportionally more (embedded) software products, partially offset by temporary transfer and costs associated with ramping up the new factory. Although indirect spend-ing increased less than the general inflation rate, operating deleverage on the lower topline resulted in an EBITDA margin of 9.7%, a decline of 1.5 ppts versus last year.Decrease in segment assets in 2023 are mainly the result of lower trade receivables in line with the lower topline.Total capital expenditure over 2021-2023 include facility and production investments in Suzhou for a total amount of 15 million euro. In 2023 increase in capital expenditure is an extra investment in the production in Suzhou. We refer to 'Our results' and 'Risk management and control processes' for more explanation.2.3. EnterpriseIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 303,761 100.0% 317,250 100% 233,090 100% -4.3% 36.1%Cost of goods sold -140,816 -46.4% -144,922 -45.7% -124,529 -53.4% -2.8% 16.4%Gross profit 162,945 53.6% 172,328 54.3% 108,561 46.6% -5.4% 58.7%EBITDA 56,934 18.7% 60,609 19.1% 14,645 6.3% -6.1% 313.9%Depreciation TFA and (acquired) intangibles 8,405 2.8% 8,601 2.7% 9,408 4.0% -2.3% -8.6%Adjusted EBIT 48,529 16.0% 52,009 16.4% 5,237 2.2% -6.7% 893.0%Capital expenditures TFA and software 2,904 1.0% 4,015 1.3% 2,706 1.2% -27.7% 48.4%Interest in associates 13,251 13,443 9,557Segment assets 216,087 195,912 202,365Segment liabilities 60,421 75,144 81,053The Enterprise division saw a strong topline growth over 2022, resulting in a year-over-year increase in sales of 36.1% led by Meeting Experience, driven by a global return-to-the-office wave. In 2023, Enterprise sales were 4% lower than 2022 as the division experienced difficult market conditions with companies delaying investments as they reconsidered their flexible office and meeting room requirements, impacting sales in Meeting Experience. Sales in Large Video Walls started soft at the begin-ning of the year, but improved through the second half.Enterprise delivered an EBITDA margin, close to last year, of 18.7%. The announced strategy revisit in Large Video Walls started to yield results as of the second half year leading to a positive EBITDA result, largely offsetting the first half year\u2019s EBITDA loss, The more difficult market conditions and lower sales in 2023, led to a less favorable product mix impact com-pared to last year. Segment assets increased in 2023 with 20 million euro, mainly the result of higher trade receivables due to end of year sales spike and longer payment terms granted, mainly in EMEA and APAC.We refer to 'Our results' and 'Risk management and control processes' for more explanation.2.4. EntertainmentIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 460,484 100.0% 399,339 100% 309,712 100% 15.3% 28.9%Cost of goods sold -287,851 -62.5% -275,276 -68.9% -217,980 -70.4% 4.6% 26.3%Gross profit 172,633 37.5% 124,063 31.1% 91,732 29.6% 39.1% 35.2%EBITDA 57,765 12.5% 27,510 6.9% 21,465 6.9% 110.0% 28.2%Depreciation TFA and (acquired) intangibles 17,737 3.9% 16,555 4.1% 17,953 5.8% 7.1% -7.8%Adjusted EBIT 40,028 8.7% 10,955 2.7% 3,512 1.1% 265.4% 211.9%Capital expenditures TFA and software 36,893 8.0% 8,002 2.0% 3,810 1.2% 361.0% 110.0%Interest in associates 15,841 13,723 11,316Segment assets 303,049 288,556 226,584Segment liabilities 126,886 140,825 144,702The Entertainment division delivered consecutive double-digit sales growth of 15% and 29% respectively in 2023 and 2022. Cinema built further on the strong momentum started in the second half of 2022 and driven by the renewal wave of lamp-to-laser technology, offering superior image quality to viewers and a lower total cost of ownership for cinema operators, while Immersive Experience recorded the highest sales year so far, for the second year in a row, fueled by simulation, image processing and projectors for fixed installations.The high sales growth in Entertainment was despite a weak performance in China where demand has not yet recovered from the pandemic.With supply chain challenges resolved and on the strength of a more favorable product mix, with more (embedded) software and services revenues, the gross profit margin for Entertainment grew to an all-time high of 37.5%, up 6.4 per-centage points versus last year. Operating leverage on the double-digit topline growth resulted in an EBITDA margin for the division that jumped from 6.9% in 2022 to 12.5% in 2023. Increase in segment assets in 2023 are mainly the result of additional capex investments for cinema-as-a-service (2023: 24 million euro; 2022:3 million euro). The increase in 2022 was 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.2.5. Reconciliation of segment information with group informationIn thousands of euro 2023 2022 2021External salesHealthcare 285,892 341,701 261,486 At a point in time revenues 281,657 99% 337,983 99% 257,466 98% Over time revenues 4,234 1% 3,718 1% 4,020 2%Enterprise 303,761 317,250 233,090 At a point in time revenues 213,117 70% 232,932 73% 161,093 69% Over time revenues 90,644 30% 84,319 27% 71,996 31%Entertainment 460,484 399,339 309,712 At a point in time revenues 409,375 89% 364,830 91% 276,981 89% Over time revenues 51,108 11% 34,509 9% 32,731 11%Total external sales segments 1,050,137 1,058,291 804,288 At a point in time revenues 904,151 86% 935,745 88% 695,541 86% Over time revenues 145,987 14% 122,546 12% 108,747 14%Net IncomeEBITDA Healthcare 27,797 38,354 22,399 Enterprise 56,934 60,609 14,645 Entertainment 57,765 27,510 21,465Depreciation and other amortizations Healthcare 14,248 11,176 11,775 Enterprise 8,405 8,601 9,408 Entertainment 17,737 16,555 17,953Adjusted EBIT Healthcare 13,549 27,179 10,624 Enterprise 48,529 52,009 5,237 Entertainment 40,028 10,955 3,512Total adjusted EBIT 102,106 90,143 19,373In thousands of euro 2023 2022 2021Restructuring and impairments -10,811 -2,500 -6,420EBIT 91,295 87,643 12,953Interest income (expense) - net 4,684 843 -1,110Income/(loss) before taxes 95,979 88,486 11,843Income taxes -17,276 -15,927 -2,132Result after taxes 78,703 72,559 9,711Share in the result of joint ventures and associates 2,539 3,337 48Net income 81,242 75,896 9,759Net income attributable to non-controlling interest 1,074 677 878Net Income attributable to 80,168 75,219 8,881the equity holder of the parentIn thousands of euro Note 2023 2022 2021Adjusted EBIT 102,106 90,143 19,373Depreciations and amortizations940,390 36,331 39,136EBITDA 142,496 126,474 58,509EBITDA as % of sales 13.6% 12.0% 7.3%The significant increase in gross profit, which was partially offset by higher indirect expenses resulted in an EBITDA of 142.5 mil-lion euro, 13% higher than the EBITDA of 126.5 million euro for 2022. The EBITDA margin grew to 13.6% versus 12.0% in 2022.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 versus last year), compared to an EBITDA margin of 7.3% in 2021. In 2023 depreciations are 4 million higher than in 2022, explained by higher depreciations from cinema-as-a-service. See note 9. Other intangible and tangible fixed assets.In 2022 depreciations and amortizations are 2.8 million lower than in 2021, explained by fully amortized software and acquired know how in 2022.4. Revenues and expenses by natureThe table below provides information on the major items contributing to the adjusted EBIT, categorized by nature.In thousands of euro 2023 2022 2021Sales1,050,137 1,058,291 804,288Material cost-498,854 -47% -534,317 -50% -430,858 -54%Services and other costs-105,038 -10% -106,529 -10% -70,942 -9%Personnel cost (a)-305,452 -29% -289,308 -27% -241,303 -30%Depreciation property, plant, equipment and software-40,390 -4% -36,331 -3% -39,136 -5%Other operating income (expense) - net (note 3)1,704 0% -1,663 0% -2,676 0%Adjusted EBIT102,106 10% 90,143 9% 19,373 2%9. Other intangible and tangible fixed assets9.1 Other intangible assetsIn thousands of euro 2023 2022 2021Other Intangible Customer Other assets under SoftwareRelations Know-howIntangible Assetsconstruction Total Total TotalAt costOn 1 January 65,998 9,818 47,569 5,200 62 128,646 136,578 134,608Expenditure 1,210 - 177 3 1,870 3,261 3,836 1,230Sales and disposals -547 - -4,450 - - -4,997 -20,094 -3,312Acquisition of subsidiaries - - - - - - 7,607 -Transfers 527 - - - -527 - - -Translation (losses)/gains -92 -97 -517 -20 - -726 719 4,052On 31 December 67,097 9,721 42,779 5,183 1,404 126,185 128,646 136,578Amortizations and impairmentOn 1 January 54,703 9,818 39,928 4,946 - 109,396 119,151 105,655Amortization 5,117 - 2,067 23 - 7,207 10,037 13,095Impairment - - 2,745 - - 2,745 - -Sales and disposals -547 - -4,450 - - -4,997 -20,094 -3,312Transfers - - -10 10 - - - -Translation (losses)/gains -55 -97 -28 -13 - -192 302 3,713On 31 December 59,219 9,721 40,253 4,966 - 114,159 109,396 119,151Carrying amountOn 1 January 11,296 - 7,640 253 62 19,251 17,427 28,952On 31 December 7,879 - 2,526 216 1,404 12,026 19,251 17,427Barco\u2019s intangibles mainly include SAP ERP software and remaining book value of acquired know how. In 2023, capital expenditures for intangible assets amount to 3.3 million euro (2022: 3.8 million euro, 2021: 1.2 million euro). Expenditures in 2023 mainly related mainly related to the implementation of a cloud-based IT platform automa-tion solution, a supplier relationship management tool as well as smaller investments in IT security. Other intangible assets under construction include ongoing projects related to a healthcare complaint handling tool and initial costs related to the planned S4HANA migration.Expenditures in 2022 and 2021 mainly related to new customer relationship management (CRM) software. In 2022, as a result of the Dermicus 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. Disposals in 2023 relate to fully amortized IT software which is no longer used and part of the stake, recorded as fully amortized know-how, transferred to new investors, realizing a gain of 4.6 million euro (see note 3.d other operating income (expense) \u2013 net). Disposals in 2022 and 2021 relate to fully amortized IT software which is no longer used.The group performed its annual impairment review on acquired intangibles in the fourth quarter of 2023 consistently with prior years. Special attention was paid to the potential impacts of the macroeconomic environment. The test con-cluded in an impairment of 2.7 million euro.Barco does not hold intangible assets with indefinite lifetime.9.2. Tangible fixed assetsIn thousands of euro 2023 2022 2021Furniture, Plant, office OtherLand and machinery and equipment property, plant Assets under Total Other buildingsequipmentand vehiclesand equipmentconstructiontangible assets Total Total TotalAt costOn 1 January 132,549 87,566 44,086 13,813 7,238 152,704 285,253 284,317 267,104Expenditure* 6,300 25,195 11,568 1,003 20,426 58,193 64,493 30,020 27,040Sales and disposals -2,104 -1,475 -4,284 -370 - -6,130 -8,233 -28,034 -16,614Transfers -437 3,682 583 43 -3,872 437 - - -Translation (losses)/gains -2,300 -1,905 -484 -331 -550 -3,270 -5,570 -1,050 6,786On 31 December 134,009 113,063 51,470 14,159 23,242 201,934 335,943 285,253 284,317Depreciation and impairmentOn 1 January 62,872 58,751 31,690 9,082 - 99,523 162,395 157,430 143,630Depreciation 10,955 10,818 6,900 1,765 - 19,483 30,438 26,294 26,041Sales and disposals -2,034 -1,330 -4,295 -223 - -5,847 -7,882 -21,137 -15,787Transfers - 75 78 -153 - - - - -Translation (losses)/gains -1,263 -565 -381 -227 - -1,172 -2,436 -191 3,546On 31 December 70,529 67,749 33,993 10,246 - 111,988 182,517 162,396 1 57,430Carrying amountOn 1 January 69,677 28,815 12,396 4,731 7,238 53,181 122,856 126,887 123,474On 31 December 63,479 45,314 17,47 7 3,913 23,242 89,947 153,426 122,856 126,887(*) Expenditures also include the additions for IFRS16.Capital expenditures for tangible assets in 2023, excluding the impact of IFRS16, amount to 51.1 million euro. Major invest-ments in 2023 are related to leasing agreements concluded with cinema customers (2023: 24.5 million euro; 2022: 3 million euro), investment in the new factories in China, both facility and production related (2023: 15 million euro; 2022: 10 million euro; 2021: 8 million euro).Further, capital expenditures include machinery and tooling linked to new product introduction projects (2023: 4 million euro; 2022: 2 million euro; 2021: 2.5 million euro), IT hardware equipment (2023: 2.2 million euro; 2022: 2.5 million euro; 2021: 2.4 million euro) and renewal of demo experience cen-ters (2023: 0.2 million euro; 2022: 2.0 million euro) . The total amount of capital expenditure for tangible assets in 2023 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 \u201cTaxonomy-eligible economic activity - Turnover\u201d. We refer to the note on EU taxonomy.Disposals in 2023 mainly relate to machinery & equipment and furniture, which are no longer in use and fully written down.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 machinery & equipment and furniture, which are no longer in use and fully written down.Disposals in 2021 mainly relate to 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.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 \u2018Critical account-ing judgements and key sources of estimation uncertainty\u2019 for more explanation on the impact of the macroeconomic environment on Barco\u2019s operations.Leases - lessee accountingThis 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 2023 2022 2021Buildings Vehicles Other assets Total Total TotalOn 1 January 40,164 11,041 - 51,205 46,922 39,013New leases or extensions of current leases 6,028 8,113 85 14,226 10,986 10,702Termination of leases -1,512 -2,382 -3 -3,896 -6,586 -4,403Translation (losses)/gains -1,142 3 -1 -1,140 -117 1,611On 31 December 43,538 16,775 81 60,394 51,205 46,922Depreciation and impairmentOn 1 January -20,884 -5,487 - -26,371 -21,119 -14,415Depreciation -6,899 -3,303 -20 -10,222 -9,539 -10,023Termination of leases 1,494 2,382 3 3,878 4,141 3,956Translation (losses)/gains 681 2 - 683 146 -636On 31 December -25,609 -6,406 -17 -32,031 -26,371 -21,119Right-of-use assetsOn 1 January 19,280 5,554 - 24,834 25,803 24,598On 31 December 17,930 10,369 65 28,363 24,834 25,803Additions to the right-of-use assets during 2023 were 14.2 million euro (2022: 11 million euro; 2021: 10.7 million euro) split over leased buildings (2023: 6 million euro; 2022: 7.6 million euro) and leased vehicles (2023: 8.1 million euro; 2022: 3.4 million euro). The additions are both renewals of existing lease agreements as well as a lease agreement in Norway.We refer to note 14 for more information on the lease liabilities.The statement of profit or loss shows the following amounts relating to leases:In thousands of euro 2023 2022 2021Buildings -6,899 -6,936 -7,591Vehicles -3,303 -2,604 -2,433Other assets -20 - -Total depreciation charge of right-of-use assets -10,222 -9,539 -10,023Interest expense (included in finance cost) -1,225 -1,072 -1,066Expense relating to short-term leases - - -17Expense relating to leases of low-value assets that are not shown above as short-term leases -7 -19 -24The total cash outflow for leases including interests in 2023 was 10 million euro (2022: 9.2 million euro; 2021: 9.7 million euro).Leases \u2013 lessor accountingThis note provides more information for leases where the Group is a lessor:In 2022, AMC Theatres, the largest theatrical exhibitor in the United States, in Europe & the Middle East, announced that they will upgrade their theaters with new Barco laser projectors via cinema-as-a-service program. Barco remains owner of the laser projectors and therefore the assets are included in the tangible fixed assets under plant, machinery and equipment. The total investments for all the cinema customers who have stepped into a cinema-as-a-service program in 2023 amounted to 24.5 million euro (2022: 3 million euro).Installation of laser projectors under the cinema-as-a-service program started in 2023.For the current cinema-as-a-service installed projectors, the following undiscounted lease payments are expected in the coming 5 years:In thousands of euro 2023Receivable in 2024 17,134Receivable in 2025 17,089Receivable in 2026 17,089Receivable in 2027 16,733Receivable in 2028 7,621Total receivable 75,665",
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"s10_notes__7__206-1": {
"value": "2.2. HealthcareIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 285,892 100.0% 341,701 100% 261,486 100% -16.3% 30.7%Cost of goods sold -182,946 -64.0% -225,340 -65.9% -174,294 -66.7% -18.8% 29.3%Gross profit 102,946 36.0% 116,361 34.1% 87,192 33.3% -11.5% 33.5%EBITDA 27,797 9.7% 38,354 11.2% 22,399 8.6% -27.5% 71.2%Depreciation TFA and (acquired) intangibles 14,248 5.0% 11,176 3.3% 11,775 4.5% 27.5% -5.1%Adjusted EBIT 13,549 4.7% 27,179 8.0% 10,624 4.1% -50.1% 155.8%Capital expenditures TFA and software 14,611 5.1% 6,193 1.8% 12,271 4.7% 135.9% -49.5%Segment assets 180,253 193,103 141,127Segment liabilities 62,101 74,717 59,882Sales for Healthcare were impacted by channel inventories above normal levels, following a surge in customer orders at the end of 2022, and the phasing-out of an unusually large contract that ended at year-end 2022, while the phasing-in of orders under confirmed new contracts for new platforms from the end of 2023 onwards, in Surgical & Modality, leading to a sales decline of 16% in 2023 after a year of 31% growth. The gross profit margin for Healthcare increased to 36.0%, versus 34.1% one year earlier. This reflects a favorable product mix with proportionally more (embedded) software products, partially offset by temporary transfer and costs associated with ramping up the new factory. Although indirect spend-ing increased less than the general inflation rate, operating deleverage on the lower topline resulted in an EBITDA margin of 9.7%, a decline of 1.5 ppts versus last year.Decrease in segment assets in 2023 are mainly the result of lower trade receivables in line with the lower topline.Total capital expenditure over 2021-2023 include facility and production investments in Suzhou for a total amount of 15 million euro. In 2023 increase in capital expenditure is an extra investment in the production in Suzhou. We refer to 'Our results' and 'Risk management and control processes' for more explanation.2.3. EnterpriseIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 303,761 100.0% 317,250 100% 233,090 100% -4.3% 36.1%Cost of goods sold -140,816 -46.4% -144,922 -45.7% -124,529 -53.4% -2.8% 16.4%Gross profit 162,945 53.6% 172,328 54.3% 108,561 46.6% -5.4% 58.7%EBITDA 56,934 18.7% 60,609 19.1% 14,645 6.3% -6.1% 313.9%Depreciation TFA and (acquired) intangibles 8,405 2.8% 8,601 2.7% 9,408 4.0% -2.3% -8.6%Adjusted EBIT 48,529 16.0% 52,009 16.4% 5,237 2.2% -6.7% 893.0%Capital expenditures TFA and software 2,904 1.0% 4,015 1.3% 2,706 1.2% -27.7% 48.4%Interest in associates 13,251 13,443 9,557Segment assets 216,087 195,912 202,365Segment liabilities 60,421 75,144 81,053The Enterprise division saw a strong topline growth over 2022, resulting in a year-over-year increase in sales of 36.1% led by Meeting Experience, driven by a global return-to-the-office wave. In 2023, Enterprise sales were 4% lower than 2022 as the division experienced difficult market conditions with companies delaying investments as they reconsidered their flexible office and meeting room requirements, impacting sales in Meeting Experience. Sales in Large Video Walls started soft at the begin-ning of the year, but improved through the second half.Enterprise delivered an EBITDA margin, close to last year, of 18.7%. The announced strategy revisit in Large Video Walls started to yield results as of the second half year leading to a positive EBITDA result, largely offsetting the first half year\u2019s EBITDA loss, The more difficult market conditions and lower sales in 2023, led to a less favorable product mix impact com-pared to last year. Segment assets increased in 2023 with 20 million euro, mainly the result of higher trade receivables due to end of year sales spike and longer payment terms granted, mainly in EMEA and APAC.We refer to 'Our results' and 'Risk management and control processes' for more explanation.2.4. EntertainmentIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 460,484 100.0% 399,339 100% 309,712 100% 15.3% 28.9%Cost of goods sold -287,851 -62.5% -275,276 -68.9% -217,980 -70.4% 4.6% 26.3%Gross profit 172,633 37.5% 124,063 31.1% 91,732 29.6% 39.1% 35.2%EBITDA 57,765 12.5% 27,510 6.9% 21,465 6.9% 110.0% 28.2%Depreciation TFA and (acquired) intangibles 17,737 3.9% 16,555 4.1% 17,953 5.8% 7.1% -7.8%Adjusted EBIT 40,028 8.7% 10,955 2.7% 3,512 1.1% 265.4% 211.9%Capital expenditures TFA and software 36,893 8.0% 8,002 2.0% 3,810 1.2% 361.0% 110.0%Interest in associates 15,841 13,723 11,316Segment assets 303,049 288,556 226,584Segment liabilities 126,886 140,825 144,702The Entertainment division delivered consecutive double-digit sales growth of 15% and 29% respectively in 2023 and 2022. Cinema built further on the strong momentum started in the second half of 2022 and driven by the renewal wave of lamp-to-laser technology, offering superior image quality to viewers and a lower total cost of ownership for cinema operators, while Immersive Experience recorded the highest sales year so far, for the second year in a row, fueled by simulation, image processing and projectors for fixed installations.The high sales growth in Entertainment was despite a weak performance in China where demand has not yet recovered from the pandemic.With supply chain challenges resolved and on the strength of a more favorable product mix, with more (embedded) software and services revenues, the gross profit margin for Entertainment grew to an all-time high of 37.5%, up 6.4 per-centage points versus last year. Operating leverage on the double-digit topline growth resulted in an EBITDA margin for the division that jumped from 6.9% in 2022 to 12.5% in 2023. Increase in segment assets in 2023 are mainly the result of additional capex investments for cinema-as-a-service (2023: 24 million euro; 2022:3 million euro). The increase in 2022 was 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.3. Income from operations (EBIT)In thousands of euro 2023 2022 2021Sales 1,050,137 1,058,291 804,288Cost of goods sold -611,614 -645,538 -516,803Gross profit 438,523 412,753 287,485Gross profit as % of sales 41.8% 39.0% 35.7%Indirect costs -338,121 -320,947 -265,437Other operating income (expenses) - net 1,704 -1,663 -2,676Adjusted EBIT 102,106 90,143 19,373Adjusted EBIT as % of sales 9.7% 8.5% 2.4%Restructuring and impairments -10,811 -2,500 -6,420EBIT 91,295 87,643 12,953EBIT as % of sales 8.7% 8.3% 1.6%2023 sales amounted to 1,050.1 million euro, in line with last year. Double digit growth in Entertainment, mainly driven by cinema, was offset by a small decline in Enterprise and a more pronounced decline in Healthcare. While sales grew 4% in EMEA, sales were 4% lower year-over-year in the Americas. EMEA and Americas contributed both 40% of the 2023 topline. Within the APAC region, there was a clear contrast between lower sales in China and double-digit growth in the other countries, resulting in a net decline of 4%. In 2022 topline increased 32% compared to 2021, close to the pre-pandemic 2019 level. All regions, except for China were 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. In 2021 topline was impacted by prolonged pandemic induced restrictions and component shortages, which caused delays in converting orders to sales.The gross profit margin improved 2.8 ppts year-over-year to 41.8% as a result of a more favorable product mix with more (embedded) software across all product lines and the absence of the high costs for brokerage and logistics that were experi-enced in 2022 due to the supply chain constraints. The biggest step-up in gross profit margin was in Entertainment, where the supply chain constraints that hampered the business in 2022 were no longer present this year. Adjusted EBIT margin reached 9.7% in 2023, up 1.2 percentage points versus 2022 and up 7.3 points versus 2021, reflecting the strong improvement in gross profit margin.",
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"s10_notes__7__200-1": {
"value": "2.2. HealthcareIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 285,892 100.0% 341,701 100% 261,486 100% -16.3% 30.7%Cost of goods sold -182,946 -64.0% -225,340 -65.9% -174,294 -66.7% -18.8% 29.3%Gross profit 102,946 36.0% 116,361 34.1% 87,192 33.3% -11.5% 33.5%EBITDA 27,797 9.7% 38,354 11.2% 22,399 8.6% -27.5% 71.2%Depreciation TFA and (acquired) intangibles 14,248 5.0% 11,176 3.3% 11,775 4.5% 27.5% -5.1%Adjusted EBIT 13,549 4.7% 27,179 8.0% 10,624 4.1% -50.1% 155.8%Capital expenditures TFA and software 14,611 5.1% 6,193 1.8% 12,271 4.7% 135.9% -49.5%Segment assets 180,253 193,103 141,127Segment liabilities 62,101 74,717 59,882Sales for Healthcare were impacted by channel inventories above normal levels, following a surge in customer orders at the end of 2022, and the phasing-out of an unusually large contract that ended at year-end 2022, while the phasing-in of orders under confirmed new contracts for new platforms from the end of 2023 onwards, in Surgical & Modality, leading to a sales decline of 16% in 2023 after a year of 31% growth. The gross profit margin for Healthcare increased to 36.0%, versus 34.1% one year earlier. This reflects a favorable product mix with proportionally more (embedded) software products, partially offset by temporary transfer and costs associated with ramping up the new factory. Although indirect spend-ing increased less than the general inflation rate, operating deleverage on the lower topline resulted in an EBITDA margin of 9.7%, a decline of 1.5 ppts versus last year.Decrease in segment assets in 2023 are mainly the result of lower trade receivables in line with the lower topline.Total capital expenditure over 2021-2023 include facility and production investments in Suzhou for a total amount of 15 million euro. In 2023 increase in capital expenditure is an extra investment in the production in Suzhou. We refer to 'Our results' and 'Risk management and control processes' for more explanation.2.3. EnterpriseIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 303,761 100.0% 317,250 100% 233,090 100% -4.3% 36.1%Cost of goods sold -140,816 -46.4% -144,922 -45.7% -124,529 -53.4% -2.8% 16.4%Gross profit 162,945 53.6% 172,328 54.3% 108,561 46.6% -5.4% 58.7%EBITDA 56,934 18.7% 60,609 19.1% 14,645 6.3% -6.1% 313.9%Depreciation TFA and (acquired) intangibles 8,405 2.8% 8,601 2.7% 9,408 4.0% -2.3% -8.6%Adjusted EBIT 48,529 16.0% 52,009 16.4% 5,237 2.2% -6.7% 893.0%Capital expenditures TFA and software 2,904 1.0% 4,015 1.3% 2,706 1.2% -27.7% 48.4%Interest in associates 13,251 13,443 9,557Segment assets 216,087 195,912 202,365Segment liabilities 60,421 75,144 81,053The Enterprise division saw a strong topline growth over 2022, resulting in a year-over-year increase in sales of 36.1% led by Meeting Experience, driven by a global return-to-the-office wave. In 2023, Enterprise sales were 4% lower than 2022 as the division experienced difficult market conditions with companies delaying investments as they reconsidered their flexible office and meeting room requirements, impacting sales in Meeting Experience. Sales in Large Video Walls started soft at the begin-ning of the year, but improved through the second half.Enterprise delivered an EBITDA margin, close to last year, of 18.7%. The announced strategy revisit in Large Video Walls started to yield results as of the second half year leading to a positive EBITDA result, largely offsetting the first half year\u2019s EBITDA loss, The more difficult market conditions and lower sales in 2023, led to a less favorable product mix impact com-pared to last year. Segment assets increased in 2023 with 20 million euro, mainly the result of higher trade receivables due to end of year sales spike and longer payment terms granted, mainly in EMEA and APAC.We refer to 'Our results' and 'Risk management and control processes' for more explanation.2.4. EntertainmentIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 460,484 100.0% 399,339 100% 309,712 100% 15.3% 28.9%Cost of goods sold -287,851 -62.5% -275,276 -68.9% -217,980 -70.4% 4.6% 26.3%Gross profit 172,633 37.5% 124,063 31.1% 91,732 29.6% 39.1% 35.2%EBITDA 57,765 12.5% 27,510 6.9% 21,465 6.9% 110.0% 28.2%Depreciation TFA and (acquired) intangibles 17,737 3.9% 16,555 4.1% 17,953 5.8% 7.1% -7.8%Adjusted EBIT 40,028 8.7% 10,955 2.7% 3,512 1.1% 265.4% 211.9%Capital expenditures TFA and software 36,893 8.0% 8,002 2.0% 3,810 1.2% 361.0% 110.0%Interest in associates 15,841 13,723 11,316Segment assets 303,049 288,556 226,584Segment liabilities 126,886 140,825 144,702The Entertainment division delivered consecutive double-digit sales growth of 15% and 29% respectively in 2023 and 2022. Cinema built further on the strong momentum started in the second half of 2022 and driven by the renewal wave of lamp-to-laser technology, offering superior image quality to viewers and a lower total cost of ownership for cinema operators, while Immersive Experience recorded the highest sales year so far, for the second year in a row, fueled by simulation, image processing and projectors for fixed installations.The high sales growth in Entertainment was despite a weak performance in China where demand has not yet recovered from the pandemic.With supply chain challenges resolved and on the strength of a more favorable product mix, with more (embedded) software and services revenues, the gross profit margin for Entertainment grew to an all-time high of 37.5%, up 6.4 per-centage points versus last year. Operating leverage on the double-digit topline growth resulted in an EBITDA margin for the division that jumped from 6.9% in 2022 to 12.5% in 2023. Increase in segment assets in 2023 are mainly the result of additional capex investments for cinema-as-a-service (2023: 24 million euro; 2022:3 million euro). The increase in 2022 was 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.2.5. Reconciliation of segment information with group informationIn thousands of euro 2023 2022 2021External salesHealthcare 285,892 341,701 261,486 At a point in time revenues 281,657 99% 337,983 99% 257,466 98% Over time revenues 4,234 1% 3,718 1% 4,020 2%Enterprise 303,761 317,250 233,090 At a point in time revenues 213,117 70% 232,932 73% 161,093 69% Over time revenues 90,644 30% 84,319 27% 71,996 31%Entertainment 460,484 399,339 309,712 At a point in time revenues 409,375 89% 364,830 91% 276,981 89% Over time revenues 51,108 11% 34,509 9% 32,731 11%Total external sales segments 1,050,137 1,058,291 804,288 At a point in time revenues 904,151 86% 935,745 88% 695,541 86% Over time revenues 145,987 14% 122,546 12% 108,747 14%Net IncomeEBITDA Healthcare 27,797 38,354 22,399 Enterprise 56,934 60,609 14,645 Entertainment 57,765 27,510 21,465Depreciation and other amortizations Healthcare 14,248 11,176 11,775 Enterprise 8,405 8,601 9,408 Entertainment 17,737 16,555 17,953Adjusted EBIT Healthcare 13,549 27,179 10,624 Enterprise 48,529 52,009 5,237 Entertainment 40,028 10,955 3,512Total adjusted EBIT 102,106 90,143 19,373In thousands of euro 2023 2022 2021Restructuring and impairments -10,811 -2,500 -6,420EBIT 91,295 87,643 12,953Interest income (expense) - net 4,684 843 -1,110Income/(loss) before taxes 95,979 88,486 11,843Income taxes -17,276 -15,927 -2,132Result after taxes 78,703 72,559 9,711Share in the result of joint ventures and associates 2,539 3,337 48Net income 81,242 75,896 9,759Net income attributable to non-controlling interest 1,074 677 878Net Income attributable to 80,168 75,219 8,881the equity holder of the parentThe total over time revenues relate for 48% to project sales mainly in the Enterprise division and for 52% to recurring ser-vice revenues generated on maintenance and lease contracts mainly in Entertainment and Enterprise.The increase in overtime revenue is mainly coming from cine-ma-as-a-service amounting to 9.3 million euro, from additional maintenance contracts, mainly in Cinema and more projects sold in Enterprise.2.6. Geographic informationManagement 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 and Middle-East and Africa (EMEA), Americas (North-America and LATAM) and Asia-Pacific (APAC). There is no significant (i.e. representing more than 10% of the Group\u2019s revenue) concentration of Barco\u2019s revenues with one customer. Sales to Belgium represent 16 million euro of the Group revenues in 2023 versus 42 million euro in 2022 and 21 million in 2021. The table on the right gives an overview of the sales and assets per region and the most important capital expenditures in non-current assets per region.EMEA and Americas contributed both 40% of total 2023 sales. EMEA sales grew while the Americas sales were lower mostly driven by Healthcare. The smaller contribution of APAC in 2023 compared to last year, was driven by weak sales in China in Entertainment and Healthcare. We refer to the \u2018Comments on the group results\u2019 for a split of revenue from external customers based on the geographical location of the customers to whom the invoice is issued.In thousands of euro 2023 2022 2021Net salesEMEA420,564 40.0% 405,190 38.3% 305,199 37.9%Americas420,077 40.0% 435,793 41.2% 300,826 37.4%Asia-Pacific209,496 20.0% 217,308 20.5% 198,262 24.7%Total1,050,137 100% 1,058,291 100% 804,288 100%Total assetsEMEA 498,129 42.9% 515,349 44.9% 557,571 50.5%Americas 294,178 25.4% 266,778 23.3% 180,303 16.3%Asia-Pacific 367,108 31.7% 365,277 31.8% 366,375 33.2%Total 1,159,415 100% 1,147,405 100% 1,104,249 100%Purchases of tangible and intangible fixed assets*EMEA 13,202 24.2% 10,037 47.3% 8,186 43.6%Americas 24,084 44.3% 3,763 17.7% 1,223 6.5%Asia-Pacific 17,122 31.5% 7,418 35.0% 9,379 49.9%Total 54,408 100% 21,218 100% 18,787 100%(*) As included in the consolidated statement of cash flow.3. Income from operations (EBIT)In thousands of euro 2023 2022 2021Sales 1,050,137 1,058,291 804,288Cost of goods sold -611,614 -645,538 -516,803Gross profit 438,523 412,753 287,485Gross profit as % of sales 41.8% 39.0% 35.7%Indirect costs -338,121 -320,947 -265,437Other operating income (expenses) - net 1,704 -1,663 -2,676Adjusted EBIT 102,106 90,143 19,373Adjusted EBIT as % of sales 9.7% 8.5% 2.4%Restructuring and impairments -10,811 -2,500 -6,420EBIT 91,295 87,643 12,953EBIT as % of sales 8.7% 8.3% 1.6%2023 sales amounted to 1,050.1 million euro, in line with last year. Double digit growth in Entertainment, mainly driven by cinema, was offset by a small decline in Enterprise and a more pronounced decline in Healthcare. While sales grew 4% in EMEA, sales were 4% lower year-over-year in the Americas. EMEA and Americas contributed both 40% of the 2023 topline. Within the APAC region, there was a clear contrast between lower sales in China and double-digit growth in the other countries, resulting in a net decline of 4%. In 2022 topline increased 32% compared to 2021, close to the pre-pandemic 2019 level. All regions, except for China were 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. In 2021 topline was impacted by prolonged pandemic induced restrictions and component shortages, which caused delays in converting orders to sales.The gross profit margin improved 2.8 ppts year-over-year to 41.8% as a result of a more favorable product mix with more (embedded) software across all product lines and the absence of the high costs for brokerage and logistics that were experi-enced in 2022 due to the supply chain constraints. The biggest step-up in gross profit margin was in Entertainment, where the supply chain constraints that hampered the business in 2022 were no longer present this year. Adjusted EBIT margin reached 9.7% in 2023, up 1.2 percentage points versus 2022 and up 7.3 points versus 2021, reflecting the strong improvement in gross profit margin.In thousands of euro 2023 2022 2021Product sales 867,612 82% 882,052 83% 663,034 83%Project sales 82,238 8% 73,920 7% 65,487 8%EU taxonomy - eligible turnover 949,850 955,972 728,521Service sales 100,287 10% 102,318 10% 75,767 9%Sales 1,050,137 1,058,291 804,288 Major part of the sales relates to product sales (in 2023: 82%, in 2022: 83%, in 2021: 83%). Project sales remains stable at 7-8% of total sales over the period 2021-2023 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 2023 is 10% of total sales (2022: 10%, 2021: 9%).We refer to note 2 'Segment Information' and to the chapter \u2018Our results\u2019 for more explanation on sales and income from operations.We refer to the note on EU taxonomy for the Company\u2019s EU taxonomy eligible turnover in 2023.4. Revenues and expenses by natureThe table below provides information on the major items contributing to the adjusted EBIT, categorized by nature.In thousands of euro 2023 2022 2021Sales1,050,137 1,058,291 804,288Material cost-498,854 -47% -534,317 -50% -430,858 -54%Services and other costs-105,038 -10% -106,529 -10% -70,942 -9%Personnel cost (a)-305,452 -29% -289,308 -27% -241,303 -30%Depreciation property, plant, equipment and software-40,390 -4% -36,331 -3% -39,136 -5%Other operating income (expense) - net (note 3)1,704 0% -1,663 0% -2,676 0%Adjusted EBIT102,106 10% 90,143 9% 19,373 2%Material costs in 2023 is 7% lower than 2022, while topline remained at the same level as 2022, as a result of the absence of the exceptionally high costs for brokerage and logistics that were experienced in 2022 and 2021 due to supply chain constraints and a more favorable product mix with more (embedded) software. As the material cost decreased and the topline remained in line, we see an improvement of the direct gross margin in absolute numbers and relative of 3 percentage points com-pared to last year. Personnel cost in 2023 is 6% higher than 2022, while 2022 was 20% higher than 2021, a result of increased headcount and continued high inflation.Personnel cost in 2021 included temporary measures and exe-cuted lay-offs to align costs with lower demand caused by the impact of the pandemic on the Company\u2019s markets. The com-pany therefore implemented temporary work arrangements and economic unemployment measures for both white and blue collars, in conformity with country specific legal frame-works, support mechanisms and regulations. In 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,\u2026 ). The company made deliberate choices on the continuation and timetable of selected devel-opment projects and adjusted internal and external support levels in function of the focus shift. These measures are no longer in place as of 2022 and explain part of the increase in services and other costs, together with higher inflation and contractors hired to fill temporary gaps mainly in 2022. In 2023, the continued higher inflation was offset by strict discipline on discretionary spending. Leases - lessee accountingThis 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 2023 2022 2021Buildings Vehicles Other assets Total Total TotalOn 1 January 40,164 11,041 - 51,205 46,922 39,013New leases or extensions of current leases 6,028 8,113 85 14,226 10,986 10,702Termination of leases -1,512 -2,382 -3 -3,896 -6,586 -4,403Translation (losses)/gains -1,142 3 -1 -1,140 -117 1,611On 31 December 43,538 16,775 81 60,394 51,205 46,922Depreciation and impairmentOn 1 January -20,884 -5,487 - -26,371 -21,119 -14,415Depreciation -6,899 -3,303 -20 -10,222 -9,539 -10,023Termination of leases 1,494 2,382 3 3,878 4,141 3,956Translation (losses)/gains 681 2 - 683 146 -636On 31 December -25,609 -6,406 -17 -32,031 -26,371 -21,119Right-of-use assetsOn 1 January 19,280 5,554 - 24,834 25,803 24,598On 31 December 17,930 10,369 65 28,363 24,834 25,803Additions to the right-of-use assets during 2023 were 14.2 million euro (2022: 11 million euro; 2021: 10.7 million euro) split over leased buildings (2023: 6 million euro; 2022: 7.6 million euro) and leased vehicles (2023: 8.1 million euro; 2022: 3.4 million euro). The additions are both renewals of existing lease agreements as well as a lease agreement in Norway.We refer to note 14 for more information on the lease liabilities.The statement of profit or loss shows the following amounts relating to leases:In thousands of euro 2023 2022 2021Buildings -6,899 -6,936 -7,591Vehicles -3,303 -2,604 -2,433Other assets -20 - -Total depreciation charge of right-of-use assets -10,222 -9,539 -10,023Interest expense (included in finance cost) -1,225 -1,072 -1,066Expense relating to short-term leases - - -17Expense relating to leases of low-value assets that are not shown above as short-term leases -7 -19 -24The total cash outflow for leases including interests in 2023 was 10 million euro (2022: 9.2 million euro; 2021: 9.7 million euro).Leases \u2013 lessor accountingThis note provides more information for leases where the Group is a lessor:In 2022, AMC Theatres, the largest theatrical exhibitor in the United States, in Europe & the Middle East, announced that they will upgrade their theaters with new Barco laser projectors via cinema-as-a-service program. Barco remains owner of the laser projectors and therefore the assets are included in the tangible fixed assets under plant, machinery and equipment. The total investments for all the cinema customers who have stepped into a cinema-as-a-service program in 2023 amounted to 24.5 million euro (2022: 3 million euro).Installation of laser projectors under the cinema-as-a-service program started in 2023.For the current cinema-as-a-service installed projectors, the following undiscounted lease payments are expected in the coming 5 years:In thousands of euro 2023Receivable in 2024 17,134Receivable in 2025 17,089Receivable in 2026 17,089Receivable in 2027 16,733Receivable in 2028 7,621Total receivable 75,665",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__194-1": {
"value": "2.2. HealthcareIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 285,892 100.0% 341,701 100% 261,486 100% -16.3% 30.7%Cost of goods sold -182,946 -64.0% -225,340 -65.9% -174,294 -66.7% -18.8% 29.3%Gross profit 102,946 36.0% 116,361 34.1% 87,192 33.3% -11.5% 33.5%EBITDA 27,797 9.7% 38,354 11.2% 22,399 8.6% -27.5% 71.2%Depreciation TFA and (acquired) intangibles 14,248 5.0% 11,176 3.3% 11,775 4.5% 27.5% -5.1%Adjusted EBIT 13,549 4.7% 27,179 8.0% 10,624 4.1% -50.1% 155.8%Capital expenditures TFA and software 14,611 5.1% 6,193 1.8% 12,271 4.7% 135.9% -49.5%Segment assets 180,253 193,103 141,127Segment liabilities 62,101 74,717 59,882Sales for Healthcare were impacted by channel inventories above normal levels, following a surge in customer orders at the end of 2022, and the phasing-out of an unusually large contract that ended at year-end 2022, while the phasing-in of orders under confirmed new contracts for new platforms from the end of 2023 onwards, in Surgical & Modality, leading to a sales decline of 16% in 2023 after a year of 31% growth. The gross profit margin for Healthcare increased to 36.0%, versus 34.1% one year earlier. This reflects a favorable product mix with proportionally more (embedded) software products, partially offset by temporary transfer and costs associated with ramping up the new factory. Although indirect spend-ing increased less than the general inflation rate, operating deleverage on the lower topline resulted in an EBITDA margin of 9.7%, a decline of 1.5 ppts versus last year.Decrease in segment assets in 2023 are mainly the result of lower trade receivables in line with the lower topline.Total capital expenditure over 2021-2023 include facility and production investments in Suzhou for a total amount of 15 million euro. In 2023 increase in capital expenditure is an extra investment in the production in Suzhou. We refer to 'Our results' and 'Risk management and control processes' for more explanation.2.3. EnterpriseIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 303,761 100.0% 317,250 100% 233,090 100% -4.3% 36.1%Cost of goods sold -140,816 -46.4% -144,922 -45.7% -124,529 -53.4% -2.8% 16.4%Gross profit 162,945 53.6% 172,328 54.3% 108,561 46.6% -5.4% 58.7%EBITDA 56,934 18.7% 60,609 19.1% 14,645 6.3% -6.1% 313.9%Depreciation TFA and (acquired) intangibles 8,405 2.8% 8,601 2.7% 9,408 4.0% -2.3% -8.6%Adjusted EBIT 48,529 16.0% 52,009 16.4% 5,237 2.2% -6.7% 893.0%Capital expenditures TFA and software 2,904 1.0% 4,015 1.3% 2,706 1.2% -27.7% 48.4%Interest in associates 13,251 13,443 9,557Segment assets 216,087 195,912 202,365Segment liabilities 60,421 75,144 81,053The Enterprise division saw a strong topline growth over 2022, resulting in a year-over-year increase in sales of 36.1% led by Meeting Experience, driven by a global return-to-the-office wave. In 2023, Enterprise sales were 4% lower than 2022 as the division experienced difficult market conditions with companies delaying investments as they reconsidered their flexible office and meeting room requirements, impacting sales in Meeting Experience. Sales in Large Video Walls started soft at the begin-ning of the year, but improved through the second half.Enterprise delivered an EBITDA margin, close to last year, of 18.7%. The announced strategy revisit in Large Video Walls started to yield results as of the second half year leading to a positive EBITDA result, largely offsetting the first half year\u2019s EBITDA loss, The more difficult market conditions and lower sales in 2023, led to a less favorable product mix impact com-pared to last year. Segment assets increased in 2023 with 20 million euro, mainly the result of higher trade receivables due to end of year sales spike and longer payment terms granted, mainly in EMEA and APAC.We refer to 'Our results' and 'Risk management and control processes' for more explanation.2.4. EntertainmentIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 460,484 100.0% 399,339 100% 309,712 100% 15.3% 28.9%Cost of goods sold -287,851 -62.5% -275,276 -68.9% -217,980 -70.4% 4.6% 26.3%Gross profit 172,633 37.5% 124,063 31.1% 91,732 29.6% 39.1% 35.2%EBITDA 57,765 12.5% 27,510 6.9% 21,465 6.9% 110.0% 28.2%Depreciation TFA and (acquired) intangibles 17,737 3.9% 16,555 4.1% 17,953 5.8% 7.1% -7.8%Adjusted EBIT 40,028 8.7% 10,955 2.7% 3,512 1.1% 265.4% 211.9%Capital expenditures TFA and software 36,893 8.0% 8,002 2.0% 3,810 1.2% 361.0% 110.0%Interest in associates 15,841 13,723 11,316Segment assets 303,049 288,556 226,584Segment liabilities 126,886 140,825 144,702The Entertainment division delivered consecutive double-digit sales growth of 15% and 29% respectively in 2023 and 2022. Cinema built further on the strong momentum started in the second half of 2022 and driven by the renewal wave of lamp-to-laser technology, offering superior image quality to viewers and a lower total cost of ownership for cinema operators, while Immersive Experience recorded the highest sales year so far, for the second year in a row, fueled by simulation, image processing and projectors for fixed installations.The high sales growth in Entertainment was despite a weak performance in China where demand has not yet recovered from the pandemic.With supply chain challenges resolved and on the strength of a more favorable product mix, with more (embedded) software and services revenues, the gross profit margin for Entertainment grew to an all-time high of 37.5%, up 6.4 per-centage points versus last year. Operating leverage on the double-digit topline growth resulted in an EBITDA margin for the division that jumped from 6.9% in 2022 to 12.5% in 2023. Increase in segment assets in 2023 are mainly the result of additional capex investments for cinema-as-a-service (2023: 24 million euro; 2022:3 million euro). The increase in 2022 was 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.2.5. Reconciliation of segment information with group informationIn thousands of euro 2023 2022 2021External salesHealthcare 285,892 341,701 261,486 At a point in time revenues 281,657 99% 337,983 99% 257,466 98% Over time revenues 4,234 1% 3,718 1% 4,020 2%Enterprise 303,761 317,250 233,090 At a point in time revenues 213,117 70% 232,932 73% 161,093 69% Over time revenues 90,644 30% 84,319 27% 71,996 31%Entertainment 460,484 399,339 309,712 At a point in time revenues 409,375 89% 364,830 91% 276,981 89% Over time revenues 51,108 11% 34,509 9% 32,731 11%Total external sales segments 1,050,137 1,058,291 804,288 At a point in time revenues 904,151 86% 935,745 88% 695,541 86% Over time revenues 145,987 14% 122,546 12% 108,747 14%Net IncomeEBITDA Healthcare 27,797 38,354 22,399 Enterprise 56,934 60,609 14,645 Entertainment 57,765 27,510 21,465Depreciation and other amortizations Healthcare 14,248 11,176 11,775 Enterprise 8,405 8,601 9,408 Entertainment 17,737 16,555 17,953Adjusted EBIT Healthcare 13,549 27,179 10,624 Enterprise 48,529 52,009 5,237 Entertainment 40,028 10,955 3,512Total adjusted EBIT 102,106 90,143 19,373In thousands of euro 2023 2022 2021Restructuring and impairments -10,811 -2,500 -6,420EBIT 91,295 87,643 12,953Interest income (expense) - net 4,684 843 -1,110Income/(loss) before taxes 95,979 88,486 11,843Income taxes -17,276 -15,927 -2,132Result after taxes 78,703 72,559 9,711Share in the result of joint ventures and associates 2,539 3,337 48Net income 81,242 75,896 9,759Net income attributable to non-controlling interest 1,074 677 878Net Income attributable to 80,168 75,219 8,881the equity holder of the parentThe total over time revenues relate for 48% to project sales mainly in the Enterprise division and for 52% to recurring ser-vice revenues generated on maintenance and lease contracts mainly in Entertainment and Enterprise.The increase in overtime revenue is mainly coming from cine-ma-as-a-service amounting to 9.3 million euro, from additional maintenance contracts, mainly in Cinema and more projects sold in Enterprise.2.6. Geographic informationManagement 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 and Middle-East and Africa (EMEA), Americas (North-America and LATAM) and Asia-Pacific (APAC). There is no significant (i.e. representing more than 10% of the Group\u2019s revenue) concentration of Barco\u2019s revenues with one customer. Sales to Belgium represent 16 million euro of the Group revenues in 2023 versus 42 million euro in 2022 and 21 million in 2021. The table on the right gives an overview of the sales and assets per region and the most important capital expenditures in non-current assets per region.EMEA and Americas contributed both 40% of total 2023 sales. EMEA sales grew while the Americas sales were lower mostly driven by Healthcare. The smaller contribution of APAC in 2023 compared to last year, was driven by weak sales in China in Entertainment and Healthcare. We refer to the \u2018Comments on the group results\u2019 for a split of revenue from external customers based on the geographical location of the customers to whom the invoice is issued.In thousands of euro 2023 2022 2021Net salesEMEA420,564 40.0% 405,190 38.3% 305,199 37.9%Americas420,077 40.0% 435,793 41.2% 300,826 37.4%Asia-Pacific209,496 20.0% 217,308 20.5% 198,262 24.7%Total1,050,137 100% 1,058,291 100% 804,288 100%Total assetsEMEA 498,129 42.9% 515,349 44.9% 557,571 50.5%Americas 294,178 25.4% 266,778 23.3% 180,303 16.3%Asia-Pacific 367,108 31.7% 365,277 31.8% 366,375 33.2%Total 1,159,415 100% 1,147,405 100% 1,104,249 100%Purchases of tangible and intangible fixed assets*EMEA 13,202 24.2% 10,037 47.3% 8,186 43.6%Americas 24,084 44.3% 3,763 17.7% 1,223 6.5%Asia-Pacific 17,122 31.5% 7,418 35.0% 9,379 49.9%Total 54,408 100% 21,218 100% 18,787 100%(*) As included in the consolidated statement of cash flow.3. Income from operations (EBIT)In thousands of euro 2023 2022 2021Sales 1,050,137 1,058,291 804,288Cost of goods sold -611,614 -645,538 -516,803Gross profit 438,523 412,753 287,485Gross profit as % of sales 41.8% 39.0% 35.7%Indirect costs -338,121 -320,947 -265,437Other operating income (expenses) - net 1,704 -1,663 -2,676Adjusted EBIT 102,106 90,143 19,373Adjusted EBIT as % of sales 9.7% 8.5% 2.4%Restructuring and impairments -10,811 -2,500 -6,420EBIT 91,295 87,643 12,953EBIT as % of sales 8.7% 8.3% 1.6%2023 sales amounted to 1,050.1 million euro, in line with last year. Double digit growth in Entertainment, mainly driven by cinema, was offset by a small decline in Enterprise and a more pronounced decline in Healthcare. While sales grew 4% in EMEA, sales were 4% lower year-over-year in the Americas. EMEA and Americas contributed both 40% of the 2023 topline. Within the APAC region, there was a clear contrast between lower sales in China and double-digit growth in the other countries, resulting in a net decline of 4%. In 2022 topline increased 32% compared to 2021, close to the pre-pandemic 2019 level. All regions, except for China were 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. In 2021 topline was impacted by prolonged pandemic induced restrictions and component shortages, which caused delays in converting orders to sales.The gross profit margin improved 2.8 ppts year-over-year to 41.8% as a result of a more favorable product mix with more (embedded) software across all product lines and the absence of the high costs for brokerage and logistics that were experi-enced in 2022 due to the supply chain constraints. The biggest step-up in gross profit margin was in Entertainment, where the supply chain constraints that hampered the business in 2022 were no longer present this year. Adjusted EBIT margin reached 9.7% in 2023, up 1.2 percentage points versus 2022 and up 7.3 points versus 2021, reflecting the strong improvement in gross profit margin.In thousands of euro 2023 2022 2021Product sales 867,612 82% 882,052 83% 663,034 83%Project sales 82,238 8% 73,920 7% 65,487 8%EU taxonomy - eligible turnover 949,850 955,972 728,521Service sales 100,287 10% 102,318 10% 75,767 9%Sales 1,050,137 1,058,291 804,288 Major part of the sales relates to product sales (in 2023: 82%, in 2022: 83%, in 2021: 83%). Project sales remains stable at 7-8% of total sales over the period 2021-2023 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 2023 is 10% of total sales (2022: 10%, 2021: 9%).We refer to note 2 'Segment Information' and to the chapter \u2018Our results\u2019 for more explanation on sales and income from operations.We refer to the note on EU taxonomy for the Company\u2019s EU taxonomy eligible turnover in 2023.4. Revenues and expenses by natureThe table below provides information on the major items contributing to the adjusted EBIT, categorized by nature.In thousands of euro 2023 2022 2021Sales1,050,137 1,058,291 804,288Material cost-498,854 -47% -534,317 -50% -430,858 -54%Services and other costs-105,038 -10% -106,529 -10% -70,942 -9%Personnel cost (a)-305,452 -29% -289,308 -27% -241,303 -30%Depreciation property, plant, equipment and software-40,390 -4% -36,331 -3% -39,136 -5%Other operating income (expense) - net (note 3)1,704 0% -1,663 0% -2,676 0%Adjusted EBIT102,106 10% 90,143 9% 19,373 2%Leases \u2013 lessor accountingThis note provides more information for leases where the Group is a lessor:In 2022, AMC Theatres, the largest theatrical exhibitor in the United States, in Europe & the Middle East, announced that they will upgrade their theaters with new Barco laser projectors via cinema-as-a-service program. Barco remains owner of the laser projectors and therefore the assets are included in the tangible fixed assets under plant, machinery and equipment. The total investments for all the cinema customers who have stepped into a cinema-as-a-service program in 2023 amounted to 24.5 million euro (2022: 3 million euro).Installation of laser projectors under the cinema-as-a-service program started in 2023.For the current cinema-as-a-service installed projectors, the following undiscounted lease payments are expected in the coming 5 years:In thousands of euro 2023Receivable in 2024 17,134Receivable in 2025 17,089Receivable in 2026 17,089Receivable in 2027 16,733Receivable in 2028 7,621Total receivable 75,665",
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"value": "2.2. HealthcareIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 285,892 100.0% 341,701 100% 261,486 100% -16.3% 30.7%Cost of goods sold -182,946 -64.0% -225,340 -65.9% -174,294 -66.7% -18.8% 29.3%Gross profit 102,946 36.0% 116,361 34.1% 87,192 33.3% -11.5% 33.5%EBITDA 27,797 9.7% 38,354 11.2% 22,399 8.6% -27.5% 71.2%Depreciation TFA and (acquired) intangibles 14,248 5.0% 11,176 3.3% 11,775 4.5% 27.5% -5.1%Adjusted EBIT 13,549 4.7% 27,179 8.0% 10,624 4.1% -50.1% 155.8%Capital expenditures TFA and software 14,611 5.1% 6,193 1.8% 12,271 4.7% 135.9% -49.5%Segment assets 180,253 193,103 141,127Segment liabilities 62,101 74,717 59,882Sales for Healthcare were impacted by channel inventories above normal levels, following a surge in customer orders at the end of 2022, and the phasing-out of an unusually large contract that ended at year-end 2022, while the phasing-in of orders under confirmed new contracts for new platforms from the end of 2023 onwards, in Surgical & Modality, leading to a sales decline of 16% in 2023 after a year of 31% growth. The gross profit margin for Healthcare increased to 36.0%, versus 34.1% one year earlier. This reflects a favorable product mix with proportionally more (embedded) software products, partially offset by temporary transfer and costs associated with ramping up the new factory. Although indirect spend-ing increased less than the general inflation rate, operating deleverage on the lower topline resulted in an EBITDA margin of 9.7%, a decline of 1.5 ppts versus last year.Decrease in segment assets in 2023 are mainly the result of lower trade receivables in line with the lower topline.Total capital expenditure over 2021-2023 include facility and production investments in Suzhou for a total amount of 15 million euro. In 2023 increase in capital expenditure is an extra investment in the production in Suzhou. We refer to 'Our results' and 'Risk management and control processes' for more explanation.2.3. EnterpriseIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 303,761 100.0% 317,250 100% 233,090 100% -4.3% 36.1%Cost of goods sold -140,816 -46.4% -144,922 -45.7% -124,529 -53.4% -2.8% 16.4%Gross profit 162,945 53.6% 172,328 54.3% 108,561 46.6% -5.4% 58.7%EBITDA 56,934 18.7% 60,609 19.1% 14,645 6.3% -6.1% 313.9%Depreciation TFA and (acquired) intangibles 8,405 2.8% 8,601 2.7% 9,408 4.0% -2.3% -8.6%Adjusted EBIT 48,529 16.0% 52,009 16.4% 5,237 2.2% -6.7% 893.0%Capital expenditures TFA and software 2,904 1.0% 4,015 1.3% 2,706 1.2% -27.7% 48.4%Interest in associates 13,251 13,443 9,557Segment assets 216,087 195,912 202,365Segment liabilities 60,421 75,144 81,053The Enterprise division saw a strong topline growth over 2022, resulting in a year-over-year increase in sales of 36.1% led by Meeting Experience, driven by a global return-to-the-office wave. In 2023, Enterprise sales were 4% lower than 2022 as the division experienced difficult market conditions with companies delaying investments as they reconsidered their flexible office and meeting room requirements, impacting sales in Meeting Experience. Sales in Large Video Walls started soft at the begin-ning of the year, but improved through the second half.Enterprise delivered an EBITDA margin, close to last year, of 18.7%. The announced strategy revisit in Large Video Walls started to yield results as of the second half year leading to a positive EBITDA result, largely offsetting the first half year\u2019s EBITDA loss, The more difficult market conditions and lower sales in 2023, led to a less favorable product mix impact com-pared to last year. Segment assets increased in 2023 with 20 million euro, mainly the result of higher trade receivables due to end of year sales spike and longer payment terms granted, mainly in EMEA and APAC.We refer to 'Our results' and 'Risk management and control processes' for more explanation.2.4. EntertainmentIn thousands of euro 2023 2022 2021 Variance 2023-2022 Variance 2022-2021Net sales 460,484 100.0% 399,339 100% 309,712 100% 15.3% 28.9%Cost of goods sold -287,851 -62.5% -275,276 -68.9% -217,980 -70.4% 4.6% 26.3%Gross profit 172,633 37.5% 124,063 31.1% 91,732 29.6% 39.1% 35.2%EBITDA 57,765 12.5% 27,510 6.9% 21,465 6.9% 110.0% 28.2%Depreciation TFA and (acquired) intangibles 17,737 3.9% 16,555 4.1% 17,953 5.8% 7.1% -7.8%Adjusted EBIT 40,028 8.7% 10,955 2.7% 3,512 1.1% 265.4% 211.9%Capital expenditures TFA and software 36,893 8.0% 8,002 2.0% 3,810 1.2% 361.0% 110.0%Interest in associates 15,841 13,723 11,316Segment assets 303,049 288,556 226,584Segment liabilities 126,886 140,825 144,702The Entertainment division delivered consecutive double-digit sales growth of 15% and 29% respectively in 2023 and 2022. Cinema built further on the strong momentum started in the second half of 2022 and driven by the renewal wave of lamp-to-laser technology, offering superior image quality to viewers and a lower total cost of ownership for cinema operators, while Immersive Experience recorded the highest sales year so far, for the second year in a row, fueled by simulation, image processing and projectors for fixed installations.The high sales growth in Entertainment was despite a weak performance in China where demand has not yet recovered from the pandemic.With supply chain challenges resolved and on the strength of a more favorable product mix, with more (embedded) software and services revenues, the gross profit margin for Entertainment grew to an all-time high of 37.5%, up 6.4 per-centage points versus last year. Operating leverage on the double-digit topline growth resulted in an EBITDA margin for the division that jumped from 6.9% in 2022 to 12.5% in 2023. Increase in segment assets in 2023 are mainly the result of additional capex investments for cinema-as-a-service (2023: 24 million euro; 2022:3 million euro). The increase in 2022 was 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.2.5. Reconciliation of segment information with group informationIn thousands of euro 2023 2022 2021External salesHealthcare 285,892 341,701 261,486 At a point in time revenues 281,657 99% 337,983 99% 257,466 98% Over time revenues 4,234 1% 3,718 1% 4,020 2%Enterprise 303,761 317,250 233,090 At a point in time revenues 213,117 70% 232,932 73% 161,093 69% Over time revenues 90,644 30% 84,319 27% 71,996 31%Entertainment 460,484 399,339 309,712 At a point in time revenues 409,375 89% 364,830 91% 276,981 89% Over time revenues 51,108 11% 34,509 9% 32,731 11%Total external sales segments 1,050,137 1,058,291 804,288 At a point in time revenues 904,151 86% 935,745 88% 695,541 86% Over time revenues 145,987 14% 122,546 12% 108,747 14%Net IncomeEBITDA Healthcare 27,797 38,354 22,399 Enterprise 56,934 60,609 14,645 Entertainment 57,765 27,510 21,465Depreciation and other amortizations Healthcare 14,248 11,176 11,775 Enterprise 8,405 8,601 9,408 Entertainment 17,737 16,555 17,953Adjusted EBIT Healthcare 13,549 27,179 10,624 Enterprise 48,529 52,009 5,237 Entertainment 40,028 10,955 3,512Total adjusted EBIT 102,106 90,143 19,373In thousands of euro 2023 2022 2021Restructuring and impairments -10,811 -2,500 -6,420EBIT 91,295 87,643 12,953Interest income (expense) - net 4,684 843 -1,110Income/(loss) before taxes 95,979 88,486 11,843Income taxes -17,276 -15,927 -2,132Result after taxes 78,703 72,559 9,711Share in the result of joint ventures and associates 2,539 3,337 48Net income 81,242 75,896 9,759Net income attributable to non-controlling interest 1,074 677 878Net Income attributable to 80,168 75,219 8,881the equity holder of the parent3. Income from operations (EBIT)In thousands of euro 2023 2022 2021Sales 1,050,137 1,058,291 804,288Cost of goods sold -611,614 -645,538 -516,803Gross profit 438,523 412,753 287,485Gross profit as % of sales 41.8% 39.0% 35.7%Indirect costs -338,121 -320,947 -265,437Other operating income (expenses) - net 1,704 -1,663 -2,676Adjusted EBIT 102,106 90,143 19,373Adjusted EBIT as % of sales 9.7% 8.5% 2.4%Restructuring and impairments -10,811 -2,500 -6,420EBIT 91,295 87,643 12,953EBIT as % of sales 8.7% 8.3% 1.6%2023 sales amounted to 1,050.1 million euro, in line with last year. Double digit growth in Entertainment, mainly driven by cinema, was offset by a small decline in Enterprise and a more pronounced decline in Healthcare. While sales grew 4% in EMEA, sales were 4% lower year-over-year in the Americas. EMEA and Americas contributed both 40% of the 2023 topline. Within the APAC region, there was a clear contrast between lower sales in China and double-digit growth in the other countries, resulting in a net decline of 4%. In 2022 topline increased 32% compared to 2021, close to the pre-pandemic 2019 level. All regions, except for China were 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. In 2021 topline was impacted by prolonged pandemic induced restrictions and component shortages, which caused delays in converting orders to sales.The gross profit margin improved 2.8 ppts year-over-year to 41.8% as a result of a more favorable product mix with more (embedded) software across all product lines and the absence of the high costs for brokerage and logistics that were experi-enced in 2022 due to the supply chain constraints. The biggest step-up in gross profit margin was in Entertainment, where the supply chain constraints that hampered the business in 2022 were no longer present this year. Adjusted EBIT margin reached 9.7% in 2023, up 1.2 percentage points versus 2022 and up 7.3 points versus 2021, reflecting the strong improvement in gross profit margin. Indirect costs in 2023 increased 5% to 338.1 million euro (32.2% of sales; 2022: 30.3%, 2021: 33%), driven by continued high levels of inflation, partially offset by cost control in all indirect spend categories, while further investing in visualization and collaboration technologies, product roadmap, and go to mar-ket investments in Entertainment.In 2023, EBIT includes restructuring and impairment costs for an amount of 10.8 million euro versus 2.5 million euro the year before, including 9.5 million euro lay-off costs and 1.3 million euro impairments. The lay-off costs were linked to the Large Video Walls strategy revisit, as well as several other organizational cost efficiencies. 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 differ-ent countries and functions. For more details on adjusting items we refer to note 5. Restructuring and impairment.In thousands of euro Note 2023 2022 2021Adjusted EBIT 102,106 90,143 19,373Depreciations and amortizations940,390 36,331 39,136EBITDA 142,496 126,474 58,509EBITDA as % of sales 13.6% 12.0% 7.3%The significant increase in gross profit, which was partially offset by higher indirect expenses resulted in an EBITDA of 142.5 mil-lion euro, 13% higher than the EBITDA of 126.5 million euro for 2022. The EBITDA margin grew to 13.6% versus 12.0% in 2022.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 versus last year), compared to an EBITDA margin of 7.3% in 2021. In 2023 depreciations are 4 million higher than in 2022, explained by higher depreciations from cinema-as-a-service. See note 9. Other intangible and tangible fixed assets.In 2022 depreciations and amortizations are 2.8 million lower than in 2021, explained by fully amortized software and acquired know how in 2022.In thousands of euro 2023 2022 2021Product sales 867,612 82% 882,052 83% 663,034 83%Project sales 82,238 8% 73,920 7% 65,487 8%EU taxonomy - eligible turnover 949,850 955,972 728,521Service sales 100,287 10% 102,318 10% 75,767 9%Sales 1,050,137 1,058,291 804,288 Major part of the sales relates to product sales (in 2023: 82%, in 2022: 83%, in 2021: 83%). Project sales remains stable at 7-8% of total sales over the period 2021-2023 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 2023 is 10% of total sales (2022: 10%, 2021: 9%).We refer to note 2 'Segment Information' and to the chapter \u2018Our results\u2019 for more explanation on sales and income from operations.We refer to the note on EU taxonomy for the Company\u2019s EU taxonomy eligible turnover in 2023.Indirect costs and other operating income (expenses) - netIn thousands of euro 2023 2022 2021Research and development expenses (a) -132,282 -120,493 -101,338Sales and marketing expenses (b) -145,891 -142,740 -116,240General and administration expenses (c) -59,948 -57,714 -47,858Indirect costs -338,121 -320,947 -265,437Indirect costs as % of sales 32.2% 30.3% 33.0%Other operating income (expenses) - net (d) 1,704 -1,663 -2,676Indirect costs and other operating income (expenses) - net -336,417 -322,610 -268,112Indirect costs in 2023 increased 5% to 338.1 million euro (32.2% of sales; 2022: 30.3%, 2021: 33%), driven by continued high levels of inflation (as of 2022), partially offset by cost control in all indirect spend categories, while further investing in visu-alization and collaboration technologies, product roadmap, and go-to-market investments in Entertainment.In 2021 indirect costs in absolute numbers were substantially lower than in 2023 and 2022 because of extended cost con-tainment measures such as implemented temporary work arrangements and economic unemployment measures for both white and blue collars, which were put in place to miti-gate the negative impact of the pandemic on the company\u2019s topline, which was higher than the reduction in indirect costs could compensate for. Impact of inflation and merit in the Company kicks in as of the second half of the year. 2023 indirect costs therefore include the impact of the higher inflation in 2022 as of the second half year of 2022, while the higher inflation in 2023 is included as of the second half year of 2023.(a) Research and development expensesResearch and development activities are spread over the divisions as follows:In thousands of euro 2023 % of sales 2022 % of sales 2021 % of salesTotal research & development expenses132,282 12.6% 120,493 11.4% 101,338 12.6%In 2023 research and development expenses represent 12.6% of sales (11.4% in 2022, 12.6% in 2021). In absolute numbers research and development expenses have increased 12 million euro, a result of continued high inflation, while further investing in the Company\u2019s product roadmap to sustain and extend the Company\u2019s technology leadership position. In 2021, the lower absolute level of research and development expenses was the result of cost containment measures taken as response to the covid crisis. 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 for the EU tax-onomy eligible opex in 2023. (b) Sales and marketing expensesIn thousands of euro 2023 % of sales 2022 % of sales 2021 % of salesSales and marketing expenses145,891 13.9% 142,740 13.5% 116,240 14.5%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 2023 are 13.9% of sales compared to 13.5% in 2022 and 14.5% in 2021. The absolute increase in 2023 is the result of inflation, partially offset by cost containment actions and go-to-market investments in Entertainment. In 2021, the lower absolute level of research and developmentexpenses was the result of cost containment measures takenas response to the covid crisis. (c) General and administration expensesIn thousands of euro 2023 % of sales 2022 % of sales 2021 % of salesGeneral and administration expenses59,948 5.7% 57,714 5.5% 47,858 6.0%General and administrative expenses in 2023 are at 5.7% of sales, as a result of higher inflation partially offset by cost containment actions. In 2022, in absolute numbers expenses increased with almost 10 million euro, due to the impact of the inflation 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 expenses were lower due to 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 (2023: 43%, 2022: 42%, 2021: 47%).(d) Other operating income (expense) \u2013 netIn thousands of euro 2023 2022 2021Share in the result of BarcoCFG (a) 3,053 2,764 3,028Bad debt provisions (net of write-offs and reversals of write-offs) 297 -243 448Cost of share-based payments (b) -2,230 -1,548 -3,067Exchange losses (c) -2,262 -672 -63Other provisions (net of additions and reversals of provisions) (d) 896 72 -1,059Bank charges -956 -1,139 -778Customer financial discounts -802 -1,230 -571Gains/(Loss) on disposal of tangible fixed assets 4,725 1,670 1,824Other (net) -1,017 -1,337 -2,438Other operating income (expense) 1,704 -1,663 -2,676(a) The 49% share in the net result of BarcoCFG is represented in EBITDA. See note 11. (b) We refer to note 16. Equity attributable to equity holders of the parent \u2013 2. Share based payments.(c) Higher exchange loss in 2023 is caused by less favorable USD impact than in 2022.(d) We refer to note 19. Provisions.4. Revenues and expenses by natureThe table below provides information on the major items contributing to the adjusted EBIT, categorized by nature.In thousands of euro 2023 2022 2021Sales1,050,137 1,058,291 804,288Material cost-498,854 -47% -534,317 -50% -430,858 -54%Services and other costs-105,038 -10% -106,529 -10% -70,942 -9%Personnel cost (a)-305,452 -29% -289,308 -27% -241,303 -30%Depreciation property, plant, equipment and software-40,390 -4% -36,331 -3% -39,136 -5%Other operating income (expense) - net (note 3)1,704 0% -1,663 0% -2,676 0%Adjusted EBIT102,106 10% 90,143 9% 19,373 2%Material costs in 2023 is 7% lower than 2022, while topline remained at the same level as 2022, as a result of the absence of the exceptionally high costs for brokerage and logistics that were experienced in 2022 and 2021 due to supply chain constraints and a more favorable product mix with more (embedded) software. As the material cost decreased and the topline remained in line, we see an improvement of the direct gross margin in absolute numbers and relative of 3 percentage points com-pared to last year. Personnel cost in 2023 is 6% higher than 2022, while 2022 was 20% higher than 2021, a result of increased headcount and continued high inflation.Personnel cost in 2021 included temporary measures and exe-cuted lay-offs to align costs with lower demand caused by the impact of the pandemic on the Company\u2019s markets. The com-pany therefore implemented temporary work arrangements and economic unemployment measures for both white and blue collars, in conformity with country specific legal frame-works, support mechanisms and regulations. In 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,\u2026 ). The company made deliberate choices on the continuation and timetable of selected devel-opment projects and adjusted internal and external support levels in function of the focus shift. These measures are no longer in place as of 2022 and explain part of the increase in services and other costs, together with higher inflation and contractors hired to fill temporary gaps mainly in 2022. In 2023, the continued higher inflation was offset by strict discipline on discretionary spending. a) Personnel costIn thousands of euro 2023 2022 2021Wages and salaries -250,641 -237,564 -194,851Social security contributions -30,300 -27,709 -26,642Pension expense for defined benefit plans -13,461 -12,859 -12,554Temporary labour -3,285 -4,004 -1,661Recruiting expenses -1,869 -2,264 -1,294Other personnel cost -5,896 -4,908 -4,301Personnel cost -305,452 -289,308 -241,303Personnel cost includes the cost for temporary personnel for an amount of 3.3 million euro (in 2022: 4 million euro, in 2021: 1.7 million euro). The average number of full time equivalents can be split as follows:2023 2022 2021Barco NV (parent company) 1,277 1,196 1,199Other subsidiaries 2,095 2,004 1,941Total average number of full time equivalents 3,372 3,200 3,140Average number of employees in 2023 was 3,372 (versus 3,200 in 2022, 3,140 in 2021), including 2,760 white-collars (in 2022 2,628, in 2021: 2,555) and 612 blue-collars (in 2022: 572, in 2021: 585). The average level of blue-collars in 2022 is impacted by component shortages which resulted in tempo-rary unemployment, mainly in the first half of the year. In 2023, the number of blue collars in Belgium are back at normalized level and increased in China in the new production plants. Increase white collars is mainly in the Entertainment division.Full time equivalents at year end 2023 amount to 3370 (versus 3,299 end of 2022, 3,133 end of 2021), including 2,752 white collars (2022: 2,724, 2021: 2,568) and 618 blue collars (in 2022: 575, in 2021: 565).In 2021 temporary measures were extended for a limited period, during the first half year only, in conformity with coun-try specific 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 replace-ments of those positions, which mainly occurred in the second half of 2022. This explains the higher number of fulltime equiv-alents 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.",
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"value": "2.5. Reconciliation of segment information with group informationIn thousands of euro 2023 2022 2021External salesHealthcare 285,892 341,701 261,486 At a point in time revenues 281,657 99% 337,983 99% 257,466 98% Over time revenues 4,234 1% 3,718 1% 4,020 2%Enterprise 303,761 317,250 233,090 At a point in time revenues 213,117 70% 232,932 73% 161,093 69% Over time revenues 90,644 30% 84,319 27% 71,996 31%Entertainment 460,484 399,339 309,712 At a point in time revenues 409,375 89% 364,830 91% 276,981 89% Over time revenues 51,108 11% 34,509 9% 32,731 11%Total external sales segments 1,050,137 1,058,291 804,288 At a point in time revenues 904,151 86% 935,745 88% 695,541 86% Over time revenues 145,987 14% 122,546 12% 108,747 14%Net IncomeEBITDA Healthcare 27,797 38,354 22,399 Enterprise 56,934 60,609 14,645 Entertainment 57,765 27,510 21,465Depreciation and other amortizations Healthcare 14,248 11,176 11,775 Enterprise 8,405 8,601 9,408 Entertainment 17,737 16,555 17,953Adjusted EBIT Healthcare 13,549 27,179 10,624 Enterprise 48,529 52,009 5,237 Entertainment 40,028 10,955 3,512Total adjusted EBIT 102,106 90,143 19,373In thousands of euro 2023 2022 2021Restructuring and impairments -10,811 -2,500 -6,420EBIT 91,295 87,643 12,953Interest income (expense) - net 4,684 843 -1,110Income/(loss) before taxes 95,979 88,486 11,843Income taxes -17,276 -15,927 -2,132Result after taxes 78,703 72,559 9,711Share in the result of joint ventures and associates 2,539 3,337 48Net income 81,242 75,896 9,759Net income attributable to non-controlling interest 1,074 677 878Net Income attributable to 80,168 75,219 8,881the equity holder of the parent",
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},
"s10_notes__7__226-1": {
"value": "2.5. Reconciliation of segment information with group informationIn thousands of euro 2023 2022 2021External salesHealthcare 285,892 341,701 261,486 At a point in time revenues 281,657 99% 337,983 99% 257,466 98% Over time revenues 4,234 1% 3,718 1% 4,020 2%Enterprise 303,761 317,250 233,090 At a point in time revenues 213,117 70% 232,932 73% 161,093 69% Over time revenues 90,644 30% 84,319 27% 71,996 31%Entertainment 460,484 399,339 309,712 At a point in time revenues 409,375 89% 364,830 91% 276,981 89% Over time revenues 51,108 11% 34,509 9% 32,731 11%Total external sales segments 1,050,137 1,058,291 804,288 At a point in time revenues 904,151 86% 935,745 88% 695,541 86% Over time revenues 145,987 14% 122,546 12% 108,747 14%Net IncomeEBITDA Healthcare 27,797 38,354 22,399 Enterprise 56,934 60,609 14,645 Entertainment 57,765 27,510 21,465Depreciation and other amortizations Healthcare 14,248 11,176 11,775 Enterprise 8,405 8,601 9,408 Entertainment 17,737 16,555 17,953Adjusted EBIT Healthcare 13,549 27,179 10,624 Enterprise 48,529 52,009 5,237 Entertainment 40,028 10,955 3,512Total adjusted EBIT 102,106 90,143 19,373In thousands of euro 2023 2022 2021Restructuring and impairments -10,811 -2,500 -6,420EBIT 91,295 87,643 12,953Interest income (expense) - net 4,684 843 -1,110Income/(loss) before taxes 95,979 88,486 11,843Income taxes -17,276 -15,927 -2,132Result after taxes 78,703 72,559 9,711Share in the result of joint ventures and associates 2,539 3,337 48Net income 81,242 75,896 9,759Net income attributable to non-controlling interest 1,074 677 878Net Income attributable to 80,168 75,219 8,881the equity holder of the parentThe statement of profit or loss shows the following amounts relating to leases:In thousands of euro 2023 2022 2021Buildings -6,899 -6,936 -7,591Vehicles -3,303 -2,604 -2,433Other assets -20 - -Total depreciation charge of right-of-use assets -10,222 -9,539 -10,023Interest expense (included in finance cost) -1,225 -1,072 -1,066Expense relating to short-term leases - - -17Expense relating to leases of low-value assets that are not shown above as short-term leases -7 -19 -24The total cash outflow for leases including interests in 2023 was 10 million euro (2022: 9.2 million euro; 2021: 9.7 million euro).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__224-1": {
"value": "2.5. Reconciliation of segment information with group informationIn thousands of euro 2023 2022 2021External salesHealthcare 285,892 341,701 261,486 At a point in time revenues 281,657 99% 337,983 99% 257,466 98% Over time revenues 4,234 1% 3,718 1% 4,020 2%Enterprise 303,761 317,250 233,090 At a point in time revenues 213,117 70% 232,932 73% 161,093 69% Over time revenues 90,644 30% 84,319 27% 71,996 31%Entertainment 460,484 399,339 309,712 At a point in time revenues 409,375 89% 364,830 91% 276,981 89% Over time revenues 51,108 11% 34,509 9% 32,731 11%Total external sales segments 1,050,137 1,058,291 804,288 At a point in time revenues 904,151 86% 935,745 88% 695,541 86% Over time revenues 145,987 14% 122,546 12% 108,747 14%Net IncomeEBITDA Healthcare 27,797 38,354 22,399 Enterprise 56,934 60,609 14,645 Entertainment 57,765 27,510 21,465Depreciation and other amortizations Healthcare 14,248 11,176 11,775 Enterprise 8,405 8,601 9,408 Entertainment 17,737 16,555 17,953Adjusted EBIT Healthcare 13,549 27,179 10,624 Enterprise 48,529 52,009 5,237 Entertainment 40,028 10,955 3,512Total adjusted EBIT 102,106 90,143 19,373In thousands of euro 2023 2022 2021Restructuring and impairments -10,811 -2,500 -6,420EBIT 91,295 87,643 12,953Interest income (expense) - net 4,684 843 -1,110Income/(loss) before taxes 95,979 88,486 11,843Income taxes -17,276 -15,927 -2,132Result after taxes 78,703 72,559 9,711Share in the result of joint ventures and associates 2,539 3,337 48Net income 81,242 75,896 9,759Net income attributable to non-controlling interest 1,074 677 878Net Income attributable to 80,168 75,219 8,881the equity holder of the parentThe statement of profit or loss shows the following amounts relating to leases:In thousands of euro 2023 2022 2021Buildings -6,899 -6,936 -7,591Vehicles -3,303 -2,604 -2,433Other assets -20 - -Total depreciation charge of right-of-use assets -10,222 -9,539 -10,023Interest expense (included in finance cost) -1,225 -1,072 -1,066Expense relating to short-term leases - - -17Expense relating to leases of low-value assets that are not shown above as short-term leases -7 -19 -24The total cash outflow for leases including interests in 2023 was 10 million euro (2022: 9.2 million euro; 2021: 9.7 million euro).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__237-1": {
"value": "3. Income from operations (EBIT)In thousands of euro 2023 2022 2021Sales 1,050,137 1,058,291 804,288Cost of goods sold -611,614 -645,538 -516,803Gross profit 438,523 412,753 287,485Gross profit as % of sales 41.8% 39.0% 35.7%Indirect costs -338,121 -320,947 -265,437Other operating income (expenses) - net 1,704 -1,663 -2,676Adjusted EBIT 102,106 90,143 19,373Adjusted EBIT as % of sales 9.7% 8.5% 2.4%Restructuring and impairments -10,811 -2,500 -6,420EBIT 91,295 87,643 12,953EBIT as % of sales 8.7% 8.3% 1.6%Indirect costs and other operating income (expenses) - netIn thousands of euro 2023 2022 2021Research and development expenses (a) -132,282 -120,493 -101,338Sales and marketing expenses (b) -145,891 -142,740 -116,240General and administration expenses (c) -59,948 -57,714 -47,858Indirect costs -338,121 -320,947 -265,437Indirect costs as % of sales 32.2% 30.3% 33.0%Other operating income (expenses) - net (d) 1,704 -1,663 -2,676Indirect costs and other operating income (expenses) - net -336,417 -322,610 -268,112(d) Other operating income (expense) \u2013 netIn thousands of euro 2023 2022 2021Share in the result of BarcoCFG (a) 3,053 2,764 3,028Bad debt provisions (net of write-offs and reversals of write-offs) 297 -243 448Cost of share-based payments (b) -2,230 -1,548 -3,067Exchange losses (c) -2,262 -672 -63Other provisions (net of additions and reversals of provisions) (d) 896 72 -1,059Bank charges -956 -1,139 -778Customer financial discounts -802 -1,230 -571Gains/(Loss) on disposal of tangible fixed assets 4,725 1,670 1,824Other (net) -1,017 -1,337 -2,438Other operating income (expense) 1,704 -1,663 -2,676(a) The 49% share in the net result of BarcoCFG is represented in EBITDA. See note 11. (b) We refer to note 16. Equity attributable to equity holders of the parent \u2013 2. Share based payments.(c) Higher exchange loss in 2023 is caused by less favorable USD impact than in 2022.(d) We refer to note 19. Provisions.4. Revenues and expenses by natureThe table below provides information on the major items contributing to the adjusted EBIT, categorized by nature.In thousands of euro 2023 2022 2021Sales1,050,137 1,058,291 804,288Material cost-498,854 -47% -534,317 -50% -430,858 -54%Services and other costs-105,038 -10% -106,529 -10% -70,942 -9%Personnel cost (a)-305,452 -29% -289,308 -27% -241,303 -30%Depreciation property, plant, equipment and software-40,390 -4% -36,331 -3% -39,136 -5%Other operating income (expense) - net (note 3)1,704 0% -1,663 0% -2,676 0%Adjusted EBIT102,106 10% 90,143 9% 19,373 2%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__233-1": {
"value": "3. Income from operations (EBIT)In thousands of euro 2023 2022 2021Sales 1,050,137 1,058,291 804,288Cost of goods sold -611,614 -645,538 -516,803Gross profit 438,523 412,753 287,485Gross profit as % of sales 41.8% 39.0% 35.7%Indirect costs -338,121 -320,947 -265,437Other operating income (expenses) - net 1,704 -1,663 -2,676Adjusted EBIT 102,106 90,143 19,373Adjusted EBIT as % of sales 9.7% 8.5% 2.4%Restructuring and impairments -10,811 -2,500 -6,420EBIT 91,295 87,643 12,953EBIT as % of sales 8.7% 8.3% 1.6%Indirect costs and other operating income (expenses) - netIn thousands of euro 2023 2022 2021Research and development expenses (a) -132,282 -120,493 -101,338Sales and marketing expenses (b) -145,891 -142,740 -116,240General and administration expenses (c) -59,948 -57,714 -47,858Indirect costs -338,121 -320,947 -265,437Indirect costs as % of sales 32.2% 30.3% 33.0%Other operating income (expenses) - net (d) 1,704 -1,663 -2,676Indirect costs and other operating income (expenses) - net -336,417 -322,610 -268,112(d) Other operating income (expense) \u2013 netIn thousands of euro 2023 2022 2021Share in the result of BarcoCFG (a) 3,053 2,764 3,028Bad debt provisions (net of write-offs and reversals of write-offs) 297 -243 448Cost of share-based payments (b) -2,230 -1,548 -3,067Exchange losses (c) -2,262 -672 -63Other provisions (net of additions and reversals of provisions) (d) 896 72 -1,059Bank charges -956 -1,139 -778Customer financial discounts -802 -1,230 -571Gains/(Loss) on disposal of tangible fixed assets 4,725 1,670 1,824Other (net) -1,017 -1,337 -2,438Other operating income (expense) 1,704 -1,663 -2,676(a) The 49% share in the net result of BarcoCFG is represented in EBITDA. See note 11. (b) We refer to note 16. Equity attributable to equity holders of the parent \u2013 2. Share based payments.(c) Higher exchange loss in 2023 is caused by less favorable USD impact than in 2022.(d) We refer to note 19. Provisions.4. Revenues and expenses by natureThe table below provides information on the major items contributing to the adjusted EBIT, categorized by nature.In thousands of euro 2023 2022 2021Sales1,050,137 1,058,291 804,288Material cost-498,854 -47% -534,317 -50% -430,858 -54%Services and other costs-105,038 -10% -106,529 -10% -70,942 -9%Personnel cost (a)-305,452 -29% -289,308 -27% -241,303 -30%Depreciation property, plant, equipment and software-40,390 -4% -36,331 -3% -39,136 -5%Other operating income (expense) - net (note 3)1,704 0% -1,663 0% -2,676 0%Adjusted EBIT102,106 10% 90,143 9% 19,373 2%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__229-1": {
"value": "3. Income from operations (EBIT)In thousands of euro 2023 2022 2021Sales 1,050,137 1,058,291 804,288Cost of goods sold -611,614 -645,538 -516,803Gross profit 438,523 412,753 287,485Gross profit as % of sales 41.8% 39.0% 35.7%Indirect costs -338,121 -320,947 -265,437Other operating income (expenses) - net 1,704 -1,663 -2,676Adjusted EBIT 102,106 90,143 19,373Adjusted EBIT as % of sales 9.7% 8.5% 2.4%Restructuring and impairments -10,811 -2,500 -6,420EBIT 91,295 87,643 12,953EBIT as % of sales 8.7% 8.3% 1.6%Indirect costs and other operating income (expenses) - netIn thousands of euro 2023 2022 2021Research and development expenses (a) -132,282 -120,493 -101,338Sales and marketing expenses (b) -145,891 -142,740 -116,240General and administration expenses (c) -59,948 -57,714 -47,858Indirect costs -338,121 -320,947 -265,437Indirect costs as % of sales 32.2% 30.3% 33.0%Other operating income (expenses) - net (d) 1,704 -1,663 -2,676Indirect costs and other operating income (expenses) - net -336,417 -322,610 -268,112(d) Other operating income (expense) \u2013 netIn thousands of euro 2023 2022 2021Share in the result of BarcoCFG (a) 3,053 2,764 3,028Bad debt provisions (net of write-offs and reversals of write-offs) 297 -243 448Cost of share-based payments (b) -2,230 -1,548 -3,067Exchange losses (c) -2,262 -672 -63Other provisions (net of additions and reversals of provisions) (d) 896 72 -1,059Bank charges -956 -1,139 -778Customer financial discounts -802 -1,230 -571Gains/(Loss) on disposal of tangible fixed assets 4,725 1,670 1,824Other (net) -1,017 -1,337 -2,438Other operating income (expense) 1,704 -1,663 -2,676(a) The 49% share in the net result of BarcoCFG is represented in EBITDA. See note 11. (b) We refer to note 16. Equity attributable to equity holders of the parent \u2013 2. Share based payments.(c) Higher exchange loss in 2023 is caused by less favorable USD impact than in 2022.(d) We refer to note 19. Provisions.4. Revenues and expenses by natureThe table below provides information on the major items contributing to the adjusted EBIT, categorized by nature.In thousands of euro 2023 2022 2021Sales1,050,137 1,058,291 804,288Material cost-498,854 -47% -534,317 -50% -430,858 -54%Services and other costs-105,038 -10% -106,529 -10% -70,942 -9%Personnel cost (a)-305,452 -29% -289,308 -27% -241,303 -30%Depreciation property, plant, equipment and software-40,390 -4% -36,331 -3% -39,136 -5%Other operating income (expense) - net (note 3)1,704 0% -1,663 0% -2,676 0%Adjusted EBIT102,106 10% 90,143 9% 19,373 2%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__241-1": {
"value": "In thousands of euro Note 2023 2022 2021Adjusted EBIT 102,106 90,143 19,373Depreciations and amortizations940,390 36,331 39,136EBITDA 142,496 126,474 58,509EBITDA as % of sales 13.6% 12.0% 7.3%The significant increase in gross profit, which was partially offset by higher indirect expenses resulted in an EBITDA of 142.5 mil-lion euro, 13% higher than the EBITDA of 126.5 million euro for 2022. The EBITDA margin grew to 13.6% versus 12.0% in 2022.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 versus last year), compared to an EBITDA margin of 7.3% in 2021. In 2023 depreciations are 4 million higher than in 2022, explained by higher depreciations from cinema-as-a-service. See note 9. Other intangible and tangible fixed assets.In 2022 depreciations and amortizations are 2.8 million lower than in 2021, explained by fully amortized software and acquired know how in 2022.4. Revenues and expenses by natureThe table below provides information on the major items contributing to the adjusted EBIT, categorized by nature.In thousands of euro 2023 2022 2021Sales1,050,137 1,058,291 804,288Material cost-498,854 -47% -534,317 -50% -430,858 -54%Services and other costs-105,038 -10% -106,529 -10% -70,942 -9%Personnel cost (a)-305,452 -29% -289,308 -27% -241,303 -30%Depreciation property, plant, equipment and software-40,390 -4% -36,331 -3% -39,136 -5%Other operating income (expense) - net (note 3)1,704 0% -1,663 0% -2,676 0%Adjusted EBIT102,106 10% 90,143 9% 19,373 2%Material costs in 2023 is 7% lower than 2022, while topline remained at the same level as 2022, as a result of the absence of the exceptionally high costs for brokerage and logistics that were experienced in 2022 and 2021 due to supply chain constraints and a more favorable product mix with more (embedded) software. As the material cost decreased and the topline remained in line, we see an improvement of the direct gross margin in absolute numbers and relative of 3 percentage points com-pared to last year. Personnel cost in 2023 is 6% higher than 2022, while 2022 was 20% higher than 2021, a result of increased headcount and continued high inflation.Personnel cost in 2021 included temporary measures and exe-cuted lay-offs to align costs with lower demand caused by the impact of the pandemic on the Company\u2019s markets. The com-pany therefore implemented temporary work arrangements and economic unemployment measures for both white and blue collars, in conformity with country specific legal frame-works, support mechanisms and regulations. In 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,\u2026 ). The company made deliberate choices on the continuation and timetable of selected devel-opment projects and adjusted internal and external support levels in function of the focus shift. These measures are no longer in place as of 2022 and explain part of the increase in services and other costs, together with higher inflation and contractors hired to fill temporary gaps mainly in 2022. In 2023, the continued higher inflation was offset by strict discipline on discretionary spending. a) Personnel costIn thousands of euro 2023 2022 2021Wages and salaries -250,641 -237,564 -194,851Social security contributions -30,300 -27,709 -26,642Pension expense for defined benefit plans -13,461 -12,859 -12,554Temporary labour -3,285 -4,004 -1,661Recruiting expenses -1,869 -2,264 -1,294Other personnel cost -5,896 -4,908 -4,301Personnel cost -305,452 -289,308 -241,303Personnel cost includes the cost for temporary personnel for an amount of 3.3 million euro (in 2022: 4 million euro, in 2021: 1.7 million euro).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__245-1": {
"value": "Indirect costs and other operating income (expenses) - netIn thousands of euro 2023 2022 2021Research and development expenses (a) -132,282 -120,493 -101,338Sales and marketing expenses (b) -145,891 -142,740 -116,240General and administration expenses (c) -59,948 -57,714 -47,858Indirect costs -338,121 -320,947 -265,437Indirect costs as % of sales 32.2% 30.3% 33.0%Other operating income (expenses) - net (d) 1,704 -1,663 -2,676Indirect costs and other operating income (expenses) - net -336,417 -322,610 -268,112(c) General and administration expensesIn thousands of euro 2023 % of sales 2022 % of sales 2021 % of salesGeneral and administration expenses59,948 5.7% 57,714 5.5% 47,858 6.0%General and administrative expenses in 2023 are at 5.7% of sales, as a result of higher inflation partially offset by cost containment actions. In 2022, in absolute numbers expenses increased with almost 10 million euro, due to the impact of the inflation 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 expenses were lower due to 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 (2023: 43%, 2022: 42%, 2021: 47%).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__243-1": {
"value": "Indirect costs and other operating income (expenses) - netIn thousands of euro 2023 2022 2021Research and development expenses (a) -132,282 -120,493 -101,338Sales and marketing expenses (b) -145,891 -142,740 -116,240General and administration expenses (c) -59,948 -57,714 -47,858Indirect costs -338,121 -320,947 -265,437Indirect costs as % of sales 32.2% 30.3% 33.0%Other operating income (expenses) - net (d) 1,704 -1,663 -2,676Indirect costs and other operating income (expenses) - net -336,417 -322,610 -268,112(a) Research and development expensesResearch and development activities are spread over the divisions as follows:In thousands of euro 2023 % of sales 2022 % of sales 2021 % of salesTotal research & development expenses132,282 12.6% 120,493 11.4% 101,338 12.6%In 2023 research and development expenses represent 12.6% of sales (11.4% in 2022, 12.6% in 2021). In absolute numbers research and development expenses have increased 12 million euro, a result of continued high inflation, while further investing in the Company\u2019s product roadmap to sustain and extend the Company\u2019s technology leadership position. In 2021, the lower absolute level of research and development expenses was the result of cost containment measures taken as response to the covid crisis. 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 for the EU tax-onomy eligible opex in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__247": {
"value": "The average number of full time equivalents can be split as follows:2023 2022 2021Barco NV (parent company) 1,277 1,196 1,199Other subsidiaries 2,095 2,004 1,941Total average number of full time equivalents 3,372 3,200 3,140Average number of employees in 2023 was 3,372 (versus 3,200 in 2022, 3,140 in 2021), including 2,760 white-collars (in 2022 2,628, in 2021: 2,555) and 612 blue-collars (in 2022: 572, in 2021: 585). The average level of blue-collars in 2022 is impacted by component shortages which resulted in tempo-rary unemployment, mainly in the first half of the year. In 2023, the number of blue collars in Belgium are back at normalized level and increased in China in the new production plants. Increase white collars is mainly in the Entertainment division.Full time equivalents at year end 2023 amount to 3370 (versus 3,299 end of 2022, 3,133 end of 2021), including 2,752 white collars (2022: 2,724, 2021: 2,568) and 618 blue collars (in 2022: 575, in 2021: 565).In 2021 temporary measures were extended for a limited period, during the first half year only, in conformity with coun-try specific 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 replace-ments of those positions, which mainly occurred in the second half of 2022. This explains the higher number of fulltime equiv-alents 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__250-1": {
"value": "5. Restructuring and impairment costsThe table below shows the restructuring and impairment costs recognized in the income statement.In thousands of euro Note 2023 2022 2021Restructuring (cash) 19 -9,500 -2,500 -4,920Impairments (non-cash) -1,311 - -1,500Total restructuring and impairments -10,811 -2,500 -6,420Restructuring charges in 2023 include 9.5 million euro lay-off (cash) costs, linked to the strategic review of Large Video Walls and several other organizational cost efficiencies and affected in total 153 employees. Non-cash restructuring costs relate to 1.3 million euro write off on inventories as a result of the strategic decisions taken in Large Video Walls. Barco has completed the strategic review of its Large Video Walls business, as announced in the beginning of 2023, by the middle of the year with the clear objective to return to sustainable profitability by accelerating investments in software product portfolio and optimizing the organization for success. We refer to CORE report - 06. Our markets for more explana-tion on the transformation of Large Video Walls. The restructuring charges linked to Large Video Walls are a result of the strategic decisions on rebalancing the R&D port-folio, to focus on profitable products and markets and to align supporting sales and marketing activities and service model to the focus on software and workflows.At the end of 2022, the Company has recorded 2.5 million euro of restructuring (cash) costs as a result of scaling down activities.In 2021, as a result of the redesign of the organization 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 for-mer leadership team members, accounted for the moment they stopped providing services to the Company. Restructuring cash costs include a provision for severance of 4.4 million euro (2022: 1.7 million, 2021: 0.5 million euro) (see note 19. Provisions). The people impacted have all been notified before the end of 2023. Their last working day and severance pay out will be in the course of 2024. In 2023 6.8 million euro (2022: 1.2 million euro and in 2021: 8.2 million euro) of restructuring was paid (see consolidated statement of cash flow).The Group has no contingent liabilities or capital commitments in relation to its associates as at 31 December 2023, 2022 and 2021.19. ProvisionsBalance AdditionalAmountsUnused amounts Remeasurement Translation Balance BalanceIn thousands of eurosheet 2023provisions madeused reversed Transfersgains/(losses) on DBO(losses) / gainssheet 2022sheet 2021Total long-term provision 15,131 2,886 -1,899 - 818 -1,297 -376 14,998 31,175Defined benefit obligations (b)4,870 1,650 -233 - - -1,297 -140 4,891 22,826Technical warranty (a)9,677 686 -1,666 - 818 - -248 10,087 8,332Other claims and risks (d)583 550 - - - - 12 20 18Total short-term provision 10,284 12,241 -8,761 -1,585 -818 - -119 9,325 8,537Technical warranty (a)3,951 102 -59 - -818 - -90 4,816 3,807Restructuring provision (c)4,399 9,500 -6,849 - - - - 1,748 458Other claims and risks (d)1,934 2,639 -1,853 -1,585 - - -29 2,761 4,272Provisions 25,415 15,128 -10,660 -1 ,585 - -1,297 -494 24,323 39,712(a) Technical warrantyProvisions 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 \u2018standard\u2019 (mostly 2 years) warranty period, provisions related to extended warranty periods and provisions for specific claims/issues.(c) Restructuring provisionSee note 5 Restructuring and impairments. We refer to the accounting standards on provisions including provisions on restructuring.(d) Other claims and risksThis 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 2023, no payments occurred under this earn-out.",
"dimensions": {
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__7__248-1": {
"value": "5. Restructuring and impairment costsThe table below shows the restructuring and impairment costs recognized in the income statement.In thousands of euro Note 2023 2022 2021Restructuring (cash) 19 -9,500 -2,500 -4,920Impairments (non-cash) -1,311 - -1,500Total restructuring and impairments -10,811 -2,500 -6,420Restructuring charges in 2023 include 9.5 million euro lay-off (cash) costs, linked to the strategic review of Large Video Walls and several other organizational cost efficiencies and affected in total 153 employees. Non-cash restructuring costs relate to 1.3 million euro write off on inventories as a result of the strategic decisions taken in Large Video Walls. Barco has completed the strategic review of its Large Video Walls business, as announced in the beginning of 2023, by the middle of the year with the clear objective to return to sustainable profitability by accelerating investments in software product portfolio and optimizing the organization for success. We refer to CORE report - 06. Our markets for more explana-tion on the transformation of Large Video Walls. The restructuring charges linked to Large Video Walls are a result of the strategic decisions on rebalancing the R&D port-folio, to focus on profitable products and markets and to align supporting sales and marketing activities and service model to the focus on software and workflows.At the end of 2022, the Company has recorded 2.5 million euro of restructuring (cash) costs as a result of scaling down activities.In 2021, as a result of the redesign of the organization 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 for-mer leadership team members, accounted for the moment they stopped providing services to the Company. Restructuring cash costs include a provision for severance of 4.4 million euro (2022: 1.7 million, 2021: 0.5 million euro) (see note 19. Provisions). The people impacted have all been notified before the end of 2023. Their last working day and severance pay out will be in the course of 2024. In 2023 6.8 million euro (2022: 1.2 million euro and in 2021: 8.2 million euro) of restructuring was paid (see consolidated statement of cash flow).19. ProvisionsBalance AdditionalAmountsUnused amounts Remeasurement Translation Balance BalanceIn thousands of eurosheet 2023provisions madeused reversed Transfersgains/(losses) on DBO(losses) / gainssheet 2022sheet 2021Total long-term provision 15,131 2,886 -1,899 - 818 -1,297 -376 14,998 31,175Defined benefit obligations (b)4,870 1,650 -233 - - -1,297 -140 4,891 22,826Technical warranty (a)9,677 686 -1,666 - 818 - -248 10,087 8,332Other claims and risks (d)583 550 - - - - 12 20 18Total short-term provision 10,284 12,241 -8,761 -1,585 -818 - -119 9,325 8,537Technical warranty (a)3,951 102 -59 - -818 - -90 4,816 3,807Restructuring provision (c)4,399 9,500 -6,849 - - - - 1,748 458Other claims and risks (d)1,934 2,639 -1,853 -1,585 - - -29 2,761 4,272Provisions 25,415 15,128 -10,660 -1 ,585 - -1,297 -494 24,323 39,712(a) Technical warrantyProvisions 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 \u2018standard\u2019 (mostly 2 years) warranty period, provisions related to extended warranty periods and provisions for specific claims/issues.(b) Defined benefit obligationsAs per 31 December 2023, 2022 and 2021, the defined benefit obligations are composed of:In thousands of euro 2023 2022 2021Pension plans in Belgium 793 732 17,835Early retirement plans in Belgium 71 104 155Local legal requirements (mainly Italy, Korea, Japan, Germany, France) 3,735 3,762 4,590A small number of individual plans 270 293 246Total 4,870 4,891 22,826Belgian 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 and 4 defined benefit plans in Cinionic Belgium, for which we show below the aggregated view as these do not differ materially from characteristics, regulatory environment, reporting seg-ment or funding arrangement. In accordance with IAS 19 the disclosure is in the form of a weighted average.2023, 2022 and 2021 changes in the Belgian defined benefit obligation and fair value of plan assets:2023 2022 2021Defined Fair value Net defined Defined Fair value Net defined Defined Fair value Net defined benefit of plan benefit benefit of plan benefit benefit of plan benefit In thousands of euroobligationassetsliabilityobligationassetsliabilityobligationassetsliabilityPension cost charged to P/LOn 1 January 116,560 -115,828 732 130,214 -112,378 17,835 134,340 -108,150 26,190Service cost 5,844 5,844 5,575 5,575 5,639 5,639Net interest expense 4,253 -4,401 -149 987 -862 126 388 -310 78Decrease due to curtailement - - -Sub-total included in profit or loss 10,096 -4,401 5,695 6,562 -862 5,701 6,026 -310 5,716Benefits paid -4,020 4,020 - -3,030 3,030 - -2,383 2,383 -Remeasurement gains/losses in OCIIncrease due to effect of transfers -270 270 - - -Increase due to the effect plan combinations 206 -206Return on plan assets (excluding amounts included in net interest expense) 1,155 1,155 -1,210 -1,210 -2,231 -2,231Actuarial changes arising from changes in demographic assumptions - - -Actuarial changes arising from changes in financial assumptions -319 -319 -16,172 -16,172 -5,679 -5,679Actuarial changes arising from changes in methodology -7,188 7,238 50 - -Actuarial changes arising from experience adjustments 410 410 -1,014 -1,014 -2,091 -2,091Sub-total included in OCI -7,160 8,457 1,297 -17,186 -1,210 -18,395 -7,769 -2,231 -10,000Contributions by employer -6,931 -6,931 -4,409 -4,409 -4,070 -4,070On 31 December 115,476 -114,683 793 116,560 -115,828 732 130,214 -112,378 17,835For the closed plans with a plan asset value below 0.5 million euro, a confirmation and full recalculation of the plan assets will be done if there are still active members every 6 years. These plans will be revalued in 2028.For the closed plans with a plan asset value above 0.5 million euro, but with no active members and for the closed plans above 0.5 million euro and with active members, a confirma-tion and full recalculation of the plan assets will be done, if there are still active members, every 3 years. These plans will be revalued in 2025.This change in methodology is reflected in the line \u2018actual changes arising from changes in methodology\u2019.In 2023 the net defined benefit liability was in line with 2022, amounting to 0.8 million euro. A positive P&L impact of 1.3 million euro was recorded as the higher discount rate on the employer contributions reduces the service cost, offset by -1.2 million euro recorded via other comprehensive income for change in parameters (merit/inflation, discount rate).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 fair value of the plan assets (115.5 million euro) are fully invested in insurance policies. In 2023, the target asset mix slightly changed compared to 2022 and consists of 66.50% government bonds (2022: 67.50%), 12% real estate (2022: 14%), 7.5% corporate bonds (2022: 7.50%), 7% corporate loans (2022: 6%) and 7% shares (2022: 5%).The principal assumptions used in determining pension obli-gations for the Group's plans are shown below:2023 2022 2021Discount rate 4.11% 3.73%0.77%Future salary increases* 6.55% 8.81% 2.43%Future consumer price 6.05% 8.14% 1.75%index increases**(*) 6.55% in 2023-2024; 2.5% from 2025(**) 6.05% in 2023-2024; 2.0% from 2025The following overview summarizes the sensitivity analysis performed for significant assumptions as at 31 December. The figures show the impact on the defined benefit obligation.In thousands of euro 2023 2022 2021Discount rate0.25% decrease 284 331 2,8340.25% increase -198 -265 -4,305Future salary change0.25% decrease -134 -143 -1,0360.25% increase 176 112 1,093Future consumer price index change0.25% decrease -81 -88 -6090.25% increase 96 106 615The 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 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 2023 2022 2021Within the next 12 months 5,853 4,750 3,724Between 2 and 5 years 31,263 33,002 24,696Between 5 and 10 years 38,968 40,332 41,648Total expected payments 76,084 78,084 70,068The average duration of the defined benefit plan obligation at the end of the reporting period is 10.1 years (11.3 years in 2022 and 12.3 years in 2021). The expected employer contributions to the plan for the next annual reporting period amounts to 5.9 million euro (9 million euro in 2023 and 3.9 million euro in 2022); the employee contributions are expected to amount to 1.3 mil-lion euro (1.2 million euro in 2023 and 1.1 million euro in 2022).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.(c) Restructuring provisionSee note 5 Restructuring and impairments. We refer to the accounting standards on provisions including provisions on restructuring.(d) Other claims and risksThis 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 2023, no payments occurred under this earn-out.",
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"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__7__254-1": {
"value": "At the end of 2022, the Company has recorded 2.5 million euro of restructuring (cash) costs as a result of scaling down activities.In 2021, as a result of the redesign of the organization 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 for-mer leadership team members, accounted for the moment they stopped providing services to the Company. Restructuring cash costs include a provision for severance of 4.4 million euro (2022: 1.7 million, 2021: 0.5 million euro) (see note 19. Provisions). The people impacted have all been notified before the end of 2023. Their last working day and severance pay out will be in the course of 2024. In 2023 6.8 million euro (2022: 1.2 million euro and in 2021: 8.2 million euro) of restructuring was paid (see consolidated statement of cash flow).The 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 fair value (level 1). The remeasure-ment at fair value per 31 December 2023 versus the carrying amount, resulted in an unrealized gain of 14.7 million euro, reflected in other comprehensive income. The gain is caused by an increase of the share price at year-end 2023 compared to end 2022. Further, a minority stake was sold, resulting in 9.2 million euro cash-in in 2023, reflected in the line \u2018other investing activities\u2019 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 2021 to 2022 is mainly related to the remeasurement at fair value versus the carrying amount per 31 December 2022 (-23 million euro, 2021: 9,9 million euro), representing a general decrease of the global stock markets in 2022 compared to 2021. Further, a 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 (2021: 55 million euro), both reflected in the line \u2018other investing activities\u2019 in the cash flow statement, and 0.7 million euro (2021: 25.2 million euro) gain realized since the moment of acquisition, over the periods until divestment reflected in other comprehensive income reserve.At the end of December 2023, Barco\u2019s net cash position reaches 241 million euro, 22.9 million euro lower compared to last year (2022: 264 million euro, 2021: 309.8 million euro). The main elements contributing to this change were cash-in from the positive free cash flow (38 million euro) and the proceeds from the sale of minority investments (9 million euro) offset by cash out for the dividends paid (-41.6 million euro) and the share buyback program (-8 million euro), and translation impacts. We refer to the supplementary statements, note 16 and note 11 for more explanation. Of the total net financial cash at the end of 2023, 286 million euro is cash on the balance sheet. Additional financial flex-ibility is provided with 123.5 million euro of unused bilateral committed credit facilities (of which 75 million euro has an interest margin linked to Barco's sustainability targets) with a selected group of commercial banks (see further c). In addition to significant liquidity, Barco has a well-balanced debt profile with debt limited to 49.6 million euro of which 17.4 million euro near-term maturities. The net financial cash at the end of 2022 amounts to 264 million euro, 45.8 million euro lower compared to end 2021, 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.Changes in liabilities arising from financing activitiesNon-cash changesIFRS 16 Foreign exchange In thousands of euro1 January 2023 Cash flowsmovementsmovement 31 December 2023Long-term debtsLong-term liabilities 14,000 -2,000 - 12,000Long-term lease liabilities 18,335 -11,831 14,226 -514 20,217Short-term debtsShort-term liabilities 2,000 7,717 -2,622 7,095Short-term lease liabilities 9,217 1,070 10,288Total liabilities from financing activities 43,552 -5,043 14,226 -3,136 49,599The 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. The non-cash changes include impacts from fluctuations in the translation of foreign operations balances, including inter-company borrowings of which the balances are eliminated at Group level.23. Cash flow statement: effect of acquisitions and disposalsThe following table shows the effect of acquisitions and dis-posals on the balance sheet movement of the Group.In thousands of euro Aquisitions 2022Net-identifiable assets and liabilities -1,796Know-how on acquisitions 7,607Put option non-controlling interest -2,049Acquired/(sold) cash 237Purchase price 4,000The 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 2023 and 2021.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.",
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"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__7__261": {
"value": "7. Earnings per shareIn thousands of euro 2023 2022 2021Net income/(loss) attributable to the equity holder of the parent 80,168 75,219 8,881Weighted average of shares 90,426,432 90,005,918 88,984,041Basic earnings per share 0.89 0.84 0.10Net income/(loss) attributable to the equity holder of the parent 80,168 75,219 8,881Weighted average of shares (diluted) 91,078,011 90,486,263 89,185,100Diluted earnings per share (a) 0.88 0.83 0.10(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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"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notes__7__264": {
"value": "8. GoodwillIn thousands of euro 2023 2022 2021At cost 179,775 179,775 179,775Impairment 74,163 74,163 74,163Net book value 105,612 105,612 105,612There are no changes to goodwill over the period 2021-2023 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\u2019s 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\u2019s 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. For 2023 and 2022 the high level of conservatism is again applied to be consistent with prior year testing. In 2021, an appropriate level of conservatism was applied, to take into account covid-19 related uncertainty. Over the past 3 years, the outcome of the impair-ment tests on goodwill impairment tests performed did not result in any impairment loss. See below for explanations on the impairment testing performed.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 seen in the table on the right.The allocation remained the same over 2023, 2022 and 2021. The Group performed its annual impairment test in the fourth quarter of 2023 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 2023, the market capitalization of the Group was almost two 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 9.5% (2022: 10.1%; 2021: 8.7%) and cash flows beyond the five-year period are extrapolated using a conservative growth rate of 0% (2022 and 2021: 0%).Cash-generating units in thousands of euro 2023-2021Healthcare 28,263 Enterprise 41,785 Entertainment 35,564 Total goodwill (net book value) 105,612 The amount by which the unit\u2019s recoverable amount exceeds its carrying amount is 79 million euro (151 million euro in 2022) in Healthcare, 313 million euro in Enterprise (130 million euro in 2022) and 66 million euro in Entertainment (106 million euro in 2022). For Healthcare, the decrease compared to last year is fully explained by the lower 2023 sales level which is the starting point for the impairment exercise at 0% sales growth over the projected period, while having a higher work-ing capital. Lower headroom in Entertainment is explained by the higher carrying amount due to investments for cine-ma-as-a-service and higher working capital while sales level and EBITDA % increased compared to 2022. Even with this high level of conservatism applied, we can conclude that there is no impairment risk.The same level of conservatism is applied to the EBITDA %, where we used the average of the last 2 years (2023-2022), excluding the covid impacted year (2021).A similar approach has been used in the past, where the EBITDA % used was the average of the last 3 years, except for Entertainment where we used the pre-covid EBITDA level of 9.2% in the 2022 goodwill impairment test.Despite the high level of conservatism applied, all three divi-sions have sufficient headroom.A sensitivity analysis is performed on all cash-generating units with respect to the discount rate (see Sensitivity to changes in assumptions \u2013 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 testKey assumptions used in value-in-use calculationsThe calculation of value-in-use for all cash-generating units is most sensitive to the following assumptions:\u2022 Sales growth rate used during the projection period;\u2022 EBITDA; \u2022 Growth rate used to extrapolate cash flows beyond the budget period;\u2022 Discount rate;The assumptions are shown in below table:Healthcare Enterprise EntertainmentSales growth rate used during the projection period 0.0% 0.0% 0.0%EBITDA as % of sales 10.5% 18.9% 9.7%Growth rate estimates 0.0% 0.0% 0.0%Discount rate 9.5% 9.5% 9.5%Sales growth rate used during the projection period \u2013 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 \u2013 EBITDA as percentage of sales is based on average percentages over the two years preceding the start of the budget period for all divisions and has been kept conservatively flat over the projected period.Growth rate estimates \u2013 The long-term rate used to extrapolate the projection has been kept conservatively at zero % for all cash-generating units.Discount rate \u2013 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.Sensitivity to changes in assumptionsPer 31 December 2023, 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 \u2013 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 4%, 15% and 2% would result in an impairment.Discount rates \u2013 Management has considered the possibility of a significant higher weighted average cost to test the sen-sitivity. For none of the cash-generating units this leads to an impairment.Growth rate estimate (beyond the projection period) \u2013 For all divisions, no reasonable possible change in the growth rate, used to extrapolate beyond the projection period, would result in an impairment.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notes__7__265-1": {
"value": "Leases - lessee accountingThis 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 2023 2022 2021Buildings Vehicles Other assets Total Total TotalOn 1 January 40,164 11,041 - 51,205 46,922 39,013New leases or extensions of current leases 6,028 8,113 85 14,226 10,986 10,702Termination of leases -1,512 -2,382 -3 -3,896 -6,586 -4,403Translation (losses)/gains -1,142 3 -1 -1,140 -117 1,611On 31 December 43,538 16,775 81 60,394 51,205 46,922Depreciation and impairmentOn 1 January -20,884 -5,487 - -26,371 -21,119 -14,415Depreciation -6,899 -3,303 -20 -10,222 -9,539 -10,023Termination of leases 1,494 2,382 3 3,878 4,141 3,956Translation (losses)/gains 681 2 - 683 146 -636On 31 December -25,609 -6,406 -17 -32,031 -26,371 -21,119Right-of-use assetsOn 1 January 19,280 5,554 - 24,834 25,803 24,598On 31 December 17,930 10,369 65 28,363 24,834 25,803Additions to the right-of-use assets during 2023 were 14.2 million euro (2022: 11 million euro; 2021: 10.7 million euro) split over leased buildings (2023: 6 million euro; 2022: 7.6 million euro) and leased vehicles (2023: 8.1 million euro; 2022: 3.4 million euro). The additions are both renewals of existing lease agreements as well as a lease agreement in Norway.We refer to note 14 for more information on the lease liabilities.The statement of profit or loss shows the following amounts relating to leases:In thousands of euro 2023 2022 2021Buildings -6,899 -6,936 -7,591Vehicles -3,303 -2,604 -2,433Other assets -20 - -Total depreciation charge of right-of-use assets -10,222 -9,539 -10,023Interest expense (included in finance cost) -1,225 -1,072 -1,066Expense relating to short-term leases - - -17Expense relating to leases of low-value assets that are not shown above as short-term leases -7 -19 -24The total cash outflow for leases including interests in 2023 was 10 million euro (2022: 9.2 million euro; 2021: 9.7 million euro).Leases \u2013 lessor accountingThis note provides more information for leases where the Group is a lessor:In 2022, AMC Theatres, the largest theatrical exhibitor in the United States, in Europe & the Middle East, announced that they will upgrade their theaters with new Barco laser projectors via cinema-as-a-service program. Barco remains owner of the laser projectors and therefore the assets are included in the tangible fixed assets under plant, machinery and equipment. The total investments for all the cinema customers who have stepped into a cinema-as-a-service program in 2023 amounted to 24.5 million euro (2022: 3 million euro).Installation of laser projectors under the cinema-as-a-service program started in 2023.For the current cinema-as-a-service installed projectors, the following undiscounted lease payments are expected in the coming 5 years:In thousands of euro 2023Receivable in 2024 17,134Receivable in 2025 17,089Receivable in 2026 17,089Receivable in 2027 16,733Receivable in 2028 7,621Total receivable 75,665The lease liabilities according to IFRS 16 per 31 December are as follows:In thousands of euro 2023 2022 2021On 1 January 27,458 26,482 24,929New leases or extensions of current leases 14,226 10,991 10,702Payments or termination of leases -10,754 -10,060 -10,159Translation (losses)/gains -511 45 1,011Total lease liabilities on 31 December 30,419 27,458 26,482Current 10,288 9,217 8,218Non-current 20,131 18,241 18,264Changes in liabilities arising from financing activitiesNon-cash changesIFRS 16 Foreign exchange In thousands of euro1 January 2023 Cash flowsmovementsmovement 31 December 2023Long-term debtsLong-term liabilities 14,000 -2,000 - 12,000Long-term lease liabilities 18,335 -11,831 14,226 -514 20,217Short-term debtsShort-term liabilities 2,000 7,717 -2,622 7,095Short-term lease liabilities 9,217 1,070 10,288Total liabilities from financing activities 43,552 -5,043 14,226 -3,136 49,599The 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. The non-cash changes include impacts from fluctuations in the translation of foreign operations balances, including inter-company borrowings of which the balances are eliminated at Group level.",
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},
"s10_notes__7__270-1": {
"value": "11. Investments and interest in associatesIn thousands of euro 2023 2022 2021Investments (a) 41,695 37,645 47,135Interest in associates (b) 29,093 27,167 20,872Investments and interest in associates 70,788 64,811 68,008Investments 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.(a) InvestmentsIn thousands of euro 2023 2022 2021Opening net assets 1 January 37,645 47,135 87,228Additions - 14,893 -Divestments -9,179 -4,384 -54,993Other comprehensive income 14,709 -23,004 9,945Translation gains/(losses)-1,480 3,003 4,955Closing net assets 31 December 41,695 37,645 47,135The 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 fair value (level 1). The remeasure-ment at fair value per 31 December 2023 versus the carrying amount, resulted in an unrealized gain of 14.7 million euro, reflected in other comprehensive income. The gain is caused by an increase of the share price at year-end 2023 compared to end 2022. Further, a minority stake was sold, resulting in 9.2 million euro cash-in in 2023, reflected in the line \u2018other investing activities\u2019 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 2021 to 2022 is mainly related to the remeasurement at fair value versus the carrying amount per 31 December 2022 (-23 million euro, 2021: 9,9 million euro), representing a general decrease of the global stock markets in 2022 compared to 2021. Further, a 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 (2021: 55 million euro), both reflected in the line \u2018other investing activities\u2019 in the cash flow statement, and 0.7 million euro (2021: 25.2 million euro) gain realized since the moment of acquisition, over the periods until divestment reflected in other comprehensive income reserve.13. Amounts receivable and other non-current assetsIn thousands of euro 2023 2022 2021Trade debtors - gross 211,012 197,493 160,930Trade debtors - bad debt reserve (a)-2,445 -2,850 -3,954Trade debtors - net (b)208,567 194,643 156,977V.A.T. Receivable 8,463 5,911 6,418Taxes receivable 1,001 3,491 6,083Interest receivable - 1 4Currency rate swap (note 20) 4,321 2,537 1,055Other 673 2,569 2,650Other amounts receivable 14,458 14,509 16,211Other non-current assets (c)4,335 5,819 6,849Number of days sales outstanding (DSO) 63 54 56Per 31 December 2023, the number of days sales outstanding increased to 63 days (54 days in 2022 and 56 in 2021). The higher DSO is linked to sales spike end of quarter and longer payment terms granted on selected contracts. For the year ended December 31, 2023, the Company reversed 0.3 million euro provision for current expected credit losses (2022: -0.2 million euro cost; 2021: + 0.4 million euro profit). The bad debt reserve in proportion to the gross amount of trade debtors decreased to 1.2% (2022: 1.5%, 2021: 2.5%).(a) Movement in bad debt reserve:In thousands of euro 2023 2022 2021On 1 January -2,850 -3,954 -4,314Additional provisions -289 -1,191 -797Amounts used 136 1,234 444Amounts unused 514 1,156 833Translation (losses) / gains 43 -93 -120On 31 December -2,445 -2,850 -3,954(b) At 31 December 2023 the ageing analysis of trade debtors is as follows:In thousands of euro 2023 2022 2021Not due 191,491 171,431 138,188Overdue less than 30 days 8,722 12,699 10,377Overdue between 30 and 90 days 6,859 9,176 6,620Overdue between 90 days and 180 days 2,483 2,869 1,746Overdue more than 180 days 1,458 1,318 4,000Total gross 211,012 197,493 160,930Bad debt reserve -2,445 -2,850 -3,954Total 208,567 194,643 156,977In 2023, total overdue trade receivables amount to 19.5 million euro (2022: 26.1 million euro, 2021: 22.7 million euro), resulting in 6 days overdue DSO (2022: 7 days, 2021: 9 days).The Company has a credit insurance in place for specific higher risk contracts and for customers with long payment terms. During the last three years, the Company did not need to exercise its rights under the insurance as the customers, for which the credit insurance is in place, paid timely. The bad debt reserve in 2023 covers 167% of the trade receiv-ables overdue more than 180 days (2022: 216%, 2021: 99%). Pre covid level was around 140%.(c) Other non-current assetsThe other non-current assets include mainly cash guarantees for an amount of 2.8 million euro (2022: 2.7 million euro, 2021: 5.6 million euro) and 1.1 million euro (2022: 1.6 million euro) other long-term receivable related to a subleased building in the United States.14. Net financial cash/debtIn thousands of euro 2023 2022 2021Short term investments (a)4,670 1,651 2,763Deposits (a)186,038 151,491 197,039Cash at bank (b)99,991 154,342 154,453Cash in hand 48 82 79Cash and cash equivalents 286,077 305,915 351,571Long-term debts (c)-32,217 -32,335 -34,366Current portion of long-term debts (c)-12,288 -11,217 -10,218Short-term debts (d)-5,095 - -Net financial cash / (debt) 241,147 264,014 309,750At the end of December 2023, Barco\u2019s net cash position reaches 241 million euro, 22.9 million euro lower compared to last year (2022: 264 million euro, 2021: 309.8 million euro). The main elements contributing to this change were cash-in from the positive free cash flow (38 million euro) and the proceeds from the sale of minority investments (9 million euro) offset by cash out for the dividends paid (-41.6 million euro) and the share buyback program (-8 million euro), and translation impacts. We refer to the supplementary statements, note 16 and note 11 for more explanation. Of the total net financial cash at the end of 2023, 286 million euro is cash on the balance sheet. Additional financial flex-ibility is provided with 123.5 million euro of unused bilateral committed credit facilities (of which 75 million euro has an interest margin linked to Barco's sustainability targets) with a selected group of commercial banks (see further c). In addition to significant liquidity, Barco has a well-balanced debt profile with debt limited to 49.6 million euro of which 17.4 million euro near-term maturities. The net financial cash at the end of 2022 amounts to 264 million euro, 45.8 million euro lower compared to end 2021, 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.(a) Short term investments and deposits: 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 material risk of change in valuation.At closing date, short term investments and deposits include:Average Average Average In thousands of euro 2023interest rate 2022interest rate 2021interest rateDeposits in USD 162,683 4.88% 120,908 4.22% 141,324 0.09%Deposits in EUR - - 19,000 1.25% - -Deposits in HKD 19,568 5.06% 9,379 5.24% 45,057 0.27%Deposits in INR 4,670 7.22% 1,549 5.97% 2,763 4.10%Deposits in CNY - - - - 9,368 2.11%Deposits in other currencies 3,787 9.52% 2,307 - 1,291 -Total short term investments and deposits 190,708 - 153,142 - 199,802 - The larger deposit amounts in USD and HKD in 2023 are held in the according home currency of the entities or are hedged, avoiding FX impact in the profit & loss, and optimizing yield. Deposits held in EUR were transferred to deposits in USD as immediately accessible and granting higher interest. In view of the positive interest rate evolution more cash has been held in deposits compared to 2022.In 2022, 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, explaining the decrease in foreign currency deposits in HKD compared to 2021.(b) Cash at bank: Cash at bank is immediately available. It is denominated in the following currencies:2023 2022 2021EUR 48.9% 41.7% 54.4%CNY 12.6% 15.8% 8.5%USD 8.9% 21.2% 19.2%SGD 5.6% 0.3% 0.4%KRW 4.7% 1.6% 1.1%HKD 3.3% 7.1% 3.9%Others 16.0% 12.3% 12.6%(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 DEC 2023 31 DEC 2022 31 DEC 2021Real estate financing Variable, swapped into fixed (EU) Later than 2025 7,013 8,288 9,563 Variable (EU) Later than 2025 6,988 7,713 8,438Leasing (IFRS 16) 30,419 27,458 26,482Other 86 94 103Total long-term financial debts 44,505 43,552 44,585\u2022 Barco NV signed a number of bilateral committed credit facilities totaling 28 million euro, for the financing of Barco\u2019s 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 14 million euro is out-standing per 31.12.2023. These commitments carry either a variable interest rate or have been swapped via derivatives into fixed rate character.\u2022 Barco China signed bilateral committed credit facilities for a total of 53.5 million euro. On one hand, the facilities are intended to finance the capital expenditures related to the construction of the Wuxi factory, having a long-term tenor of 5 years. On the other hand, the facilities are short-term tenor and fulfill the working capital needs to support scale-up of production in both Suzhou and Wuxi. At the end of 2023, 5.1 million euro has been drawn under the working capital committed loand (see d.).Barco is meeting all requirements of the loan covenants on its available credit facilities. The table on the right summarizes the long-term financial debts, including the current portion of long-term financial debts, per currency:In thousands of euro 2023 2022 2021EUR 29,376 28,213 28,078USD 2,417 3,829 4,584INR 4,140 5,154 3,446Other 8,572 6,356 8,477Total 44,505 43,552 44,585The long-term debts, including interests due and excluding the current portion of the long-term debts, are payable as follows:Per 31 DEC 2023 Per 31 DEC 2022 Per 31 DEC 2021Payable in 2025 11,440 Payable in 2024 9,784 Payable in 2023 10,128Payable in 2026 8,146 Payable in 2025 8,081 Payable in 2024 7,724Payable in 2027 5,106 Payable in 2026 5,559 Payable in 2025 5,883Payable in 2028 3,409 Payable in 2027 3,535 Payable in 2026 3,799Later 6,426 Later 7,667 Later 9,679Total long-term debts 34,528 Total long-term debts 34,625 Total long-term debts 37, 212The lease liabilities according to IFRS 16 per 31 December are as follows:In thousands of euro 2023 2022 2021On 1 January 27,458 26,482 24,929New leases or extensions of current leases 14,226 10,991 10,702Payments or termination of leases -10,754 -10,060 -10,159Translation (losses)/gains -511 45 1,011Total lease liabilities on 31 December 30,419 27,458 26,482Current 10,288 9,217 8,218Non-current 20,131 18,241 18,264(d) Short-term financial debts: Analysis of short-term financial debts on 31 December 2023: 2023 2022 2021Effective Effective Effective In thousands of eurointerest rate Balanceinterest rate Balanceinterest rate BalanceCNY 2.68% 5,095 - - - -Total - 5,095 - - - -Short term credit facility to support working capital needs in the Suzhou factory in China.15. Other long-term liabilitiesIn thousands of euro 2023 2022 2021Other amounts payable (a)1,970 2,312 350Accrued charges - 884 -Deferred Income (b)52,403 41,328 48,510Other long-term liabilities 54,374 44,524 48,860(a) Barco signed a joint venture agreement with the Swedish stcompany Dermicus AB on July 1, 2022. Barco acquired 70% of the shares in Gnosco AB for 4 million euro. 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. In 2023, the fair value assessment of the put option resulted in the decrease of the liability for 0.3 million euro.(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 standard warranty period. The increase in 2023 is mainly related to new long term service contracts, starting as of 2023. Decrease in deferred income in 2022 is caused by less by new contracts started.18. Trade payables and advances received from customersIn thousands of euro 2023 2022 2021Trade payables (a)89,350 121,920 113,979Days payable outstanding (DPO) 50 68 80Advances received from customers 40,613 51,183 54,105(a) The decrease in trade payables in 2023 is the result of signif-icant slowdown of the raw material purchases throughout the year, in order to reduce inventory levels. The increase in trade payables in 2022 and 2021 was the result of higher raw material purchases (increase in volume, component prices and transport charges). In 2022 higher purchases thwere caused by higher sales in the 4 quarter (+29% year-over-year). Payment terms with suppliers were not extended and there has been no change in payment behavior towards suppliers.20. Risk management - derivative financial instrumentsGeneral risk factors are described in the director\u2019s report \u201cRisk Factors\u201d. 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 riskRecognized assets and liabilitiesBarco incurs foreign currency risk on recognized assets and liabilities when they are denominated in a currency other than the company\u2019s 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 transactionsBarco 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 2023, there were no forward contracts outstanding under hedge accounting treatment.Estimated sensitivity to currency fluctuationsSensitivity 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:\u2022 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.\u2022 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.\u2022 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 1 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 81.7% in 2023 (2022: 71%).\u2022 Another impact is the fact that some of Barco\u2019s main com-petitors are USD-based. Whenever the USD decreases in value against the euro, these competitors have a worldwide competitive advantage over Barco. This impact on operating result cannot be measured reliably.Interest rate riskBarco uses following hedging instruments to manage its interest rate risk:Swap on outstanding or anticipated borrowingBarco concluded a series of interest rate swaps with an out-standing notional amount of 7 million euro by means of a partial hedge for the bilateral real estate leasing (currently out-standing at 14.0 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 fluctuationsFinancial markets have shown a significant increase in both long-term and short-term interest rates following multi-ple policy rate increases concluded by most central banks in their attempt to slowdown economy and inflation rates. Management closely monitors the economic and financial outlook and does not expect the interest rates to further increase in the near foreseeable future, which limits additional interest exposure on the short-term debt portfolio.With reference to the fair values table below, approximately 70% of Barco\u2019s outstanding long-term debt portfolio has a fixed interest rate character, which again limits the exposure of the company to interest rate fluctuations. This ratio increases to 84% when including the swap instruments disclosed above.Credit riskCredit risk on accounts receivableCredit 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 2023, 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 investmentsA 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\u2019s 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.2023 2022 2021In thousands of euro Carrying amount / Fair value (approx.)Financial assetsInvestments at fair value through equity 41,695 37,337 46,680 Trade receivables 208,567 194,643 156,977 Other receivables 14,458 14,509 16,211 Loan and other receivables 10,137 11,971 15,152 Interest receivable - 1 4 Currency rate swap 4,185 2,187 1,055 Interest rate swap 136 350 -Other non-current assets 4,335 5,819 6,849 Short term investments 4,670 1,651 2,763 Cash and cash equivalents 286,077 305,915 351,571 Total 559,802 559,874 581,051 Financial liabilitiesFinancial debts 14,000 16,000 18,000 Floating rate borrowings 7,013 8,288 9,563 Fixed rate borrowings 6,988 7,713 8,438 Other long-term liabilities 54,374 44,524 48,860 Short-term debts 5,095 - - Trade payables 89,350 121,920 113,979 Other current liabilities 7,034 5,412 5,036 Other short term amounts payable 1,293 750 1,206 Dividends payable 2,289 2,289 2,289 Currency rate swap 3,452 2,373 859 Interest rate swap - - 682 Total 169,853 187,856 185,875 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:\u2022 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.\u2022 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 remea-surement at fair value per 31 December 2023 versus the carrying amount is reflected in other comprehensive income.\u2022 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 2023, the carrying amounts of such receivables, net of allowances, are assumed not to be materially different from their calculated fair values.\u2022 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 2023, the effective interest rate is not materially different from the nominal interest rate of the financial obligation. \u2022 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.Fair value hierarchyAs at 31 December 2023, the Group held the following financial instruments measured at fair value:In thousands of euro 2023 2022 2021Assets measured at fair valueFinancial assets at fair value through profit or loss Foreign exchange contracts - non-hedged 4,185 2,187 1,055 Financial assets at fair value through equity Investments 41,695 37,337 46,680 Interest rate swap 136 350 -Liabilities measured at fair valueFinancial liabilities at fair value through profit or loss Foreign exchange contracts - non-hedged 3,452 2,373 859Financial liabilities at fair value through equity Interest rate swap - - 682The 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.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 2023, there were no transfers between Level 1 and Level 2 fair value measurements.Changes in liabilities arising from financing activitiesNon-cash changesIFRS 16 Foreign exchange In thousands of euro1 January 2023 Cash flowsmovementsmovement 31 December 2023Long-term debtsLong-term liabilities 14,000 -2,000 - 12,000Long-term lease liabilities 18,335 -11,831 14,226 -514 20,217Short-term debtsShort-term liabilities 2,000 7,717 -2,622 7,095Short-term lease liabilities 9,217 1,070 10,288Total liabilities from financing activities 43,552 -5,043 14,226 -3,136 49,599The 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. The non-cash changes include impacts from fluctuations in the translation of foreign operations balances, including inter-company borrowings of which the balances are eliminated at Group level.21. Rights and commitments not reflected in the balance sheetIn thousands of euro Note 2023 2022 2021Guarantees given to third parties (a) 3,9263,594 3,474Mortgage obligations given as security (b) 30,000 30,000 30,000 Book value of the relevant assets 25,950 29,539 33,029(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 2021 is due to depreciation.",
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},
"s10_notes__7__268-1": {
"value": "11. Investments and interest in associatesIn thousands of euro 2023 2022 2021Investments (a) 41,695 37,645 47,135Interest in associates (b) 29,093 27,167 20,872Investments and interest in associates 70,788 64,811 68,008Investments 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.(b) Interest in associatesInterest in associates, in 2023 - 2021, reflects the equity investment in BarcoCFG and CCO Barco Airport Venture.The Group\u2019s share of the assets and liabilities as at 31 December 2023 and 2022 and income and expenses of the joint ventures and associates for the year ended 31 December 2023 and 2022, which are accounted for using the equity method:Summarized balance sheetBarcoCFGCCOTotalBarcoCFGCCOTotalIn thousands of euro31 DEC 2331 DEC 2331 DEC 2331 DEC 2231 DEC 2231 DEC 22Cash and cash equivalents 14,454 26,345 40,799 12,185 30,467 42,652Other current assets 49,397 17,444 66,841 58,842 11,785 70,627Total current assets 63,850 43,789 107,640 71,027 42,252 113,279Non-current assets 5,490 7, 573 13,063 7,050 9,437 16,487Other current liabilities 37,012 13,501 50,513 50,070 13,279 63,349Total current liabilities 37,012 13,501 50,513 50,070 13,279 63,349Other non-current liabilities - - - - - -Total non-current liabilities - - - - - -Net assets 32,329 37,861 70,190 28,007 38,409 66,416Reconciliation to carrying amountsOpening net assets 1 January 28,007 38,409 66,416 23,093 27,305 50,398Profit/(loss) for the period 6,231 7,254 13,486 5,641 9,534 15,176Other comprehensive income (CTA) -1,909 -1,550 -3,459 -728 1,570 842Dividends paid - -6,253 -6,253 - - -Closing net assets 32,329 37,861 70,190 28,007 38,409 66,416Group\u2019s share in % 49% 35% - 49% 35% -Group\u2019s share 15,841 13,251 29,093 13,723 13,443 27,167Carrying amount 15,841 13,251 29,093 13,723 13,443 27,167Summarized statement of comprehensive incomeBarcoCFGCCOTotalBarcoCFGCCOTotalIn thousands of euro31 DEC 2331 DEC 2331 DEC 2331 DEC 2231 DEC 2231 DEC 22Profit/(loss) for the period 6,231 7,254 13,486 5,641 9,534 15,176Other comprehensive income (CTA) -1,909 -1,550 -3,459 -728 1,570 842Total comprehensive income 4,322 5,705 10,027 4,913 11,105 16,018Group\u2019s share in % 49% 35% - 49% 35% -Group\u2019s share in profit/(loss) for the period 3,053 2,539 5,592 2,764 3,337 6,101Share in the result of joint ventures and associates - 2,539 2,539 - 3,337 3,337Included in other operating income 3(d) 3,053 - 3,053 2,764 - 2,764The Group has no contingent liabilities or capital commitments in relation to its associates as at 31 December 2023, 2022 and 2021.For all equity accounted investments, the parent\u2019s or other investor\u2019s consent is required to distribute its profits; which is not decided at the reporting date. The equity accounted invest-ments did not recognize items in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__281-1": {
"value": "The Group has no contingent liabilities or capital commitments in relation to its associates as at 31 December 2023, 2022 and 2021.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 2023, no payments occurred under this earn-out.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__278-1": {
"value": "The Group has no contingent liabilities or capital commitments in relation to its associates as at 31 December 2023, 2022 and 2021.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 2023, no payments occurred under this earn-out.21. Rights and commitments not reflected in the balance sheetIn thousands of euro Note 2023 2022 2021Guarantees given to third parties (a) 3,9263,594 3,474Mortgage obligations given as security (b) 30,000 30,000 30,000 Book value of the relevant assets 25,950 29,539 33,029(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 2021 is due to depreciation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__288": {
"value": "13. Amounts receivable and other non-current assetsIn thousands of euro 2023 2022 2021Trade debtors - gross 211,012 197,493 160,930Trade debtors - bad debt reserve (a)-2,445 -2,850 -3,954Trade debtors - net (b)208,567 194,643 156,977V.A.T. Receivable 8,463 5,911 6,418Taxes receivable 1,001 3,491 6,083Interest receivable - 1 4Currency rate swap (note 20) 4,321 2,537 1,055Other 673 2,569 2,650Other amounts receivable 14,458 14,509 16,211Other non-current assets (c)4,335 5,819 6,849Number of days sales outstanding (DSO) 63 54 56",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__286-1": {
"value": "13. Amounts receivable and other non-current assetsIn thousands of euro 2023 2022 2021Trade debtors - gross 211,012 197,493 160,930Trade debtors - bad debt reserve (a)-2,445 -2,850 -3,954Trade debtors - net (b)208,567 194,643 156,977V.A.T. Receivable 8,463 5,911 6,418Taxes receivable 1,001 3,491 6,083Interest receivable - 1 4Currency rate swap (note 20) 4,321 2,537 1,055Other 673 2,569 2,650Other amounts receivable 14,458 14,509 16,211Other non-current assets (c)4,335 5,819 6,849Number of days sales outstanding (DSO) 63 54 56(c) Other non-current assetsThe other non-current assets include mainly cash guarantees for an amount of 2.8 million euro (2022: 2.7 million euro, 2021: 5.6 million euro) and 1.1 million euro (2022: 1.6 million euro) other long-term receivable related to a subleased building in the United States.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__284-1": {
"value": "13. Amounts receivable and other non-current assetsIn thousands of euro 2023 2022 2021Trade debtors - gross 211,012 197,493 160,930Trade debtors - bad debt reserve (a)-2,445 -2,850 -3,954Trade debtors - net (b)208,567 194,643 156,977V.A.T. Receivable 8,463 5,911 6,418Taxes receivable 1,001 3,491 6,083Interest receivable - 1 4Currency rate swap (note 20) 4,321 2,537 1,055Other 673 2,569 2,650Other amounts receivable 14,458 14,509 16,211Other non-current assets (c)4,335 5,819 6,849Number of days sales outstanding (DSO) 63 54 56(c) Other non-current assetsThe other non-current assets include mainly cash guarantees for an amount of 2.8 million euro (2022: 2.7 million euro, 2021: 5.6 million euro) and 1.1 million euro (2022: 1.6 million euro) other long-term receivable related to a subleased building in the United States.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__283": {
"value": "13. Amounts receivable and other non-current assetsIn thousands of euro 2023 2022 2021Trade debtors - gross 211,012 197,493 160,930Trade debtors - bad debt reserve (a)-2,445 -2,850 -3,954Trade debtors - net (b)208,567 194,643 156,977V.A.T. Receivable 8,463 5,911 6,418Taxes receivable 1,001 3,491 6,083Interest receivable - 1 4Currency rate swap (note 20) 4,321 2,537 1,055Other 673 2,569 2,650Other amounts receivable 14,458 14,509 16,211Other non-current assets (c)4,335 5,819 6,849Number of days sales outstanding (DSO) 63 54 56Per 31 December 2023, the number of days sales outstanding increased to 63 days (54 days in 2022 and 56 in 2021). The higher DSO is linked to sales spike end of quarter and longer payment terms granted on selected contracts. For the year ended December 31, 2023, the Company reversed 0.3 million euro provision for current expected credit losses (2022: -0.2 million euro cost; 2021: + 0.4 million euro profit). The bad debt reserve in proportion to the gross amount of trade debtors decreased to 1.2% (2022: 1.5%, 2021: 2.5%).(a) Movement in bad debt reserve:In thousands of euro 2023 2022 2021On 1 January -2,850 -3,954 -4,314Additional provisions -289 -1,191 -797Amounts used 136 1,234 444Amounts unused 514 1,156 833Translation (losses) / gains 43 -93 -120On 31 December -2,445 -2,850 -3,954(b) At 31 December 2023 the ageing analysis of trade debtors is as follows:In thousands of euro 2023 2022 2021Not due 191,491 171,431 138,188Overdue less than 30 days 8,722 12,699 10,377Overdue between 30 and 90 days 6,859 9,176 6,620Overdue between 90 days and 180 days 2,483 2,869 1,746Overdue more than 180 days 1,458 1,318 4,000Total gross 211,012 197,493 160,930Bad debt reserve -2,445 -2,850 -3,954Total 208,567 194,643 156,977In 2023, total overdue trade receivables amount to 19.5 million euro (2022: 26.1 million euro, 2021: 22.7 million euro), resulting in 6 days overdue DSO (2022: 7 days, 2021: 9 days).The Company has a credit insurance in place for specific higher risk contracts and for customers with long payment terms. During the last three years, the Company did not need to exercise its rights under the insurance as the customers, for which the credit insurance is in place, paid timely. The bad debt reserve in 2023 covers 167% of the trade receiv-ables overdue more than 180 days (2022: 216%, 2021: 99%). Pre covid level was around 140%.(c) Other non-current assetsThe other non-current assets include mainly cash guarantees for an amount of 2.8 million euro (2022: 2.7 million euro, 2021: 5.6 million euro) and 1.1 million euro (2022: 1.6 million euro) other long-term receivable related to a subleased building in the United States.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__157-1": {
"value": "13. Amounts receivable and other non-current assetsIn thousands of euro 2023 2022 2021Trade debtors - gross 211,012 197,493 160,930Trade debtors - bad debt reserve (a)-2,445 -2,850 -3,954Trade debtors - net (b)208,567 194,643 156,977V.A.T. Receivable 8,463 5,911 6,418Taxes receivable 1,001 3,491 6,083Interest receivable - 1 4Currency rate swap (note 20) 4,321 2,537 1,055Other 673 2,569 2,650Other amounts receivable 14,458 14,509 16,211Other non-current assets (c)4,335 5,819 6,849Number of days sales outstanding (DSO) 63 54 56Per 31 December 2023, the number of days sales outstanding increased to 63 days (54 days in 2022 and 56 in 2021). The higher DSO is linked to sales spike end of quarter and longer payment terms granted on selected contracts. For the year ended December 31, 2023, the Company reversed 0.3 million euro provision for current expected credit losses (2022: -0.2 million euro cost; 2021: + 0.4 million euro profit). The bad debt reserve in proportion to the gross amount of trade debtors decreased to 1.2% (2022: 1.5%, 2021: 2.5%).(a) Movement in bad debt reserve:In thousands of euro 2023 2022 2021On 1 January -2,850 -3,954 -4,314Additional provisions -289 -1,191 -797Amounts used 136 1,234 444Amounts unused 514 1,156 833Translation (losses) / gains 43 -93 -120On 31 December -2,445 -2,850 -3,954(b) At 31 December 2023 the ageing analysis of trade debtors is as follows:In thousands of euro 2023 2022 2021Not due 191,491 171,431 138,188Overdue less than 30 days 8,722 12,699 10,377Overdue between 30 and 90 days 6,859 9,176 6,620Overdue between 90 days and 180 days 2,483 2,869 1,746Overdue more than 180 days 1,458 1,318 4,000Total gross 211,012 197,493 160,930Bad debt reserve -2,445 -2,850 -3,954Total 208,567 194,643 156,977In 2023, total overdue trade receivables amount to 19.5 million euro (2022: 26.1 million euro, 2021: 22.7 million euro), resulting in 6 days overdue DSO (2022: 7 days, 2021: 9 days).The Company has a credit insurance in place for specific higher risk contracts and for customers with long payment terms. During the last three years, the Company did not need to exercise its rights under the insurance as the customers, for which the credit insurance is in place, paid timely. The bad debt reserve in 2023 covers 167% of the trade receiv-ables overdue more than 180 days (2022: 216%, 2021: 99%). Pre covid level was around 140%.(a) Short term investments and deposits: 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 material risk of change in valuation.At closing date, short term investments and deposits include:Average Average Average In thousands of euro 2023interest rate 2022interest rate 2021interest rateDeposits in USD 162,683 4.88% 120,908 4.22% 141,324 0.09%Deposits in EUR - - 19,000 1.25% - -Deposits in HKD 19,568 5.06% 9,379 5.24% 45,057 0.27%Deposits in INR 4,670 7.22% 1,549 5.97% 2,763 4.10%Deposits in CNY - - - - 9,368 2.11%Deposits in other currencies 3,787 9.52% 2,307 - 1,291 -Total short term investments and deposits 190,708 - 153,142 - 199,802 - The larger deposit amounts in USD and HKD in 2023 are held in the according home currency of the entities or are hedged, avoiding FX impact in the profit & loss, and optimizing yield. Deposits held in EUR were transferred to deposits in USD as immediately accessible and granting higher interest. In view of the positive interest rate evolution more cash has been held in deposits compared to 2022.In 2022, 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, explaining the decrease in foreign currency deposits in HKD compared to 2021.The long-term debts, including interests due and excluding the current portion of the long-term debts, are payable as follows:Per 31 DEC 2023 Per 31 DEC 2022 Per 31 DEC 2021Payable in 2025 11,440 Payable in 2024 9,784 Payable in 2023 10,128Payable in 2026 8,146 Payable in 2025 8,081 Payable in 2024 7,724Payable in 2027 5,106 Payable in 2026 5,559 Payable in 2025 5,883Payable in 2028 3,409 Payable in 2027 3,535 Payable in 2026 3,799Later 6,426 Later 7,667 Later 9,679Total long-term debts 34,528 Total long-term debts 34,625 Total long-term debts 37, 21220. Risk management - derivative financial instrumentsGeneral risk factors are described in the director\u2019s report \u201cRisk Factors\u201d. 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 riskRecognized assets and liabilitiesBarco incurs foreign currency risk on recognized assets and liabilities when they are denominated in a currency other than the company\u2019s 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 transactionsBarco 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 2023, there were no forward contracts outstanding under hedge accounting treatment.Estimated sensitivity to currency fluctuationsSensitivity 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:\u2022 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.\u2022 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.\u2022 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 1 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 81.7% in 2023 (2022: 71%).\u2022 Another impact is the fact that some of Barco\u2019s main com-petitors are USD-based. Whenever the USD decreases in value against the euro, these competitors have a worldwide competitive advantage over Barco. This impact on operating result cannot be measured reliably.Interest rate riskBarco uses following hedging instruments to manage its interest rate risk:Swap on outstanding or anticipated borrowingBarco concluded a series of interest rate swaps with an out-standing notional amount of 7 million euro by means of a partial hedge for the bilateral real estate leasing (currently out-standing at 14.0 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 fluctuationsFinancial markets have shown a significant increase in both long-term and short-term interest rates following multi-ple policy rate increases concluded by most central banks in their attempt to slowdown economy and inflation rates. Management closely monitors the economic and financial outlook and does not expect the interest rates to further increase in the near foreseeable future, which limits additional interest exposure on the short-term debt portfolio.With reference to the fair values table below, approximately 70% of Barco\u2019s outstanding long-term debt portfolio has a fixed interest rate character, which again limits the exposure of the company to interest rate fluctuations. This ratio increases to 84% when including the swap instruments disclosed above.Credit riskCredit risk on accounts receivableCredit 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 2023, 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 investmentsA 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.The solvency position and other current ratios continue to consolidate at very 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__154-1": {
"value": "13. Amounts receivable and other non-current assetsIn thousands of euro 2023 2022 2021Trade debtors - gross 211,012 197,493 160,930Trade debtors - bad debt reserve (a)-2,445 -2,850 -3,954Trade debtors - net (b)208,567 194,643 156,977V.A.T. Receivable 8,463 5,911 6,418Taxes receivable 1,001 3,491 6,083Interest receivable - 1 4Currency rate swap (note 20) 4,321 2,537 1,055Other 673 2,569 2,650Other amounts receivable 14,458 14,509 16,211Other non-current assets (c)4,335 5,819 6,849Number of days sales outstanding (DSO) 63 54 56Per 31 December 2023, the number of days sales outstanding increased to 63 days (54 days in 2022 and 56 in 2021). The higher DSO is linked to sales spike end of quarter and longer payment terms granted on selected contracts. For the year ended December 31, 2023, the Company reversed 0.3 million euro provision for current expected credit losses (2022: -0.2 million euro cost; 2021: + 0.4 million euro profit). The bad debt reserve in proportion to the gross amount of trade debtors decreased to 1.2% (2022: 1.5%, 2021: 2.5%).(a) Movement in bad debt reserve:In thousands of euro 2023 2022 2021On 1 January -2,850 -3,954 -4,314Additional provisions -289 -1,191 -797Amounts used 136 1,234 444Amounts unused 514 1,156 833Translation (losses) / gains 43 -93 -120On 31 December -2,445 -2,850 -3,954(b) At 31 December 2023 the ageing analysis of trade debtors is as follows:In thousands of euro 2023 2022 2021Not due 191,491 171,431 138,188Overdue less than 30 days 8,722 12,699 10,377Overdue between 30 and 90 days 6,859 9,176 6,620Overdue between 90 days and 180 days 2,483 2,869 1,746Overdue more than 180 days 1,458 1,318 4,000Total gross 211,012 197,493 160,930Bad debt reserve -2,445 -2,850 -3,954Total 208,567 194,643 156,977In 2023, total overdue trade receivables amount to 19.5 million euro (2022: 26.1 million euro, 2021: 22.7 million euro), resulting in 6 days overdue DSO (2022: 7 days, 2021: 9 days).The Company has a credit insurance in place for specific higher risk contracts and for customers with long payment terms. During the last three years, the Company did not need to exercise its rights under the insurance as the customers, for which the credit insurance is in place, paid timely. The bad debt reserve in 2023 covers 167% of the trade receiv-ables overdue more than 180 days (2022: 216%, 2021: 99%). Pre covid level was around 140%.(a) Short term investments and deposits: 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 material risk of change in valuation.At closing date, short term investments and deposits include:Average Average Average In thousands of euro 2023interest rate 2022interest rate 2021interest rateDeposits in USD 162,683 4.88% 120,908 4.22% 141,324 0.09%Deposits in EUR - - 19,000 1.25% - -Deposits in HKD 19,568 5.06% 9,379 5.24% 45,057 0.27%Deposits in INR 4,670 7.22% 1,549 5.97% 2,763 4.10%Deposits in CNY - - - - 9,368 2.11%Deposits in other currencies 3,787 9.52% 2,307 - 1,291 -Total short term investments and deposits 190,708 - 153,142 - 199,802 - The larger deposit amounts in USD and HKD in 2023 are held in the according home currency of the entities or are hedged, avoiding FX impact in the profit & loss, and optimizing yield. Deposits held in EUR were transferred to deposits in USD as immediately accessible and granting higher interest. In view of the positive interest rate evolution more cash has been held in deposits compared to 2022.In 2022, 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, explaining the decrease in foreign currency deposits in HKD compared to 2021.Credit riskCredit risk on accounts receivableCredit 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 2023, 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 investmentsA 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__153": {
"value": "Per 31 December 2023, the number of days sales outstanding increased to 63 days (54 days in 2022 and 56 in 2021). The higher DSO is linked to sales spike end of quarter and longer payment terms granted on selected contracts. For the year ended December 31, 2023, the Company reversed 0.3 million euro provision for current expected credit losses (2022: -0.2 million euro cost; 2021: + 0.4 million euro profit). The bad debt reserve in proportion to the gross amount of trade debtors decreased to 1.2% (2022: 1.5%, 2021: 2.5%).(a) Movement in bad debt reserve:In thousands of euro 2023 2022 2021On 1 January -2,850 -3,954 -4,314Additional provisions -289 -1,191 -797Amounts used 136 1,234 444Amounts unused 514 1,156 833Translation (losses) / gains 43 -93 -120On 31 December -2,445 -2,850 -3,954(b) At 31 December 2023 the ageing analysis of trade debtors is as follows:In thousands of euro 2023 2022 2021Not due 191,491 171,431 138,188Overdue less than 30 days 8,722 12,699 10,377Overdue between 30 and 90 days 6,859 9,176 6,620Overdue between 90 days and 180 days 2,483 2,869 1,746Overdue more than 180 days 1,458 1,318 4,000Total gross 211,012 197,493 160,930Bad debt reserve -2,445 -2,850 -3,954Total 208,567 194,643 156,977In 2023, total overdue trade receivables amount to 19.5 million euro (2022: 26.1 million euro, 2021: 22.7 million euro), resulting in 6 days overdue DSO (2022: 7 days, 2021: 9 days).The Company has a credit insurance in place for specific higher risk contracts and for customers with long payment terms. During the last three years, the Company did not need to exercise its rights under the insurance as the customers, for which the credit insurance is in place, paid timely. The bad debt reserve in 2023 covers 167% of the trade receiv-ables overdue more than 180 days (2022: 216%, 2021: 99%). Pre covid level was around 140%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__290-1": {
"value": "14. Net financial cash/debtIn thousands of euro 2023 2022 2021Short term investments (a)4,670 1,651 2,763Deposits (a)186,038 151,491 197,039Cash at bank (b)99,991 154,342 154,453Cash in hand 48 82 79Cash and cash equivalents 286,077 305,915 351,571Long-term debts (c)-32,217 -32,335 -34,366Current portion of long-term debts (c)-12,288 -11,217 -10,218Short-term debts (d)-5,095 - -Net financial cash / (debt) 241,147 264,014 309,750(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 DEC 2023 31 DEC 2022 31 DEC 2021Real estate financing Variable, swapped into fixed (EU) Later than 2025 7,013 8,288 9,563 Variable (EU) Later than 2025 6,988 7,713 8,438Leasing (IFRS 16) 30,419 27,458 26,482Other 86 94 103Total long-term financial debts 44,505 43,552 44,585\u2022 Barco NV signed a number of bilateral committed credit facilities totaling 28 million euro, for the financing of Barco\u2019s 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 14 million euro is out-standing per 31.12.2023. These commitments carry either a variable interest rate or have been swapped via derivatives into fixed rate character.\u2022 Barco China signed bilateral committed credit facilities for a total of 53.5 million euro. On one hand, the facilities are intended to finance the capital expenditures related to the construction of the Wuxi factory, having a long-term tenor of 5 years. On the other hand, the facilities are short-term tenor and fulfill the working capital needs to support scale-up of production in both Suzhou and Wuxi. At the end of 2023, 5.1 million euro has been drawn under the working capital committed loand (see d.).Barco is meeting all requirements of the loan covenants on its available credit facilities. The table on the right summarizes the long-term financial debts, including the current portion of long-term financial debts, per currency:In thousands of euro 2023 2022 2021EUR 29,376 28,213 28,078USD 2,417 3,829 4,584INR 4,140 5,154 3,446Other 8,572 6,356 8,477Total 44,505 43,552 44,585The long-term debts, including interests due and excluding the current portion of the long-term debts, are payable as follows:Per 31 DEC 2023 Per 31 DEC 2022 Per 31 DEC 2021Payable in 2025 11,440 Payable in 2024 9,784 Payable in 2023 10,128Payable in 2026 8,146 Payable in 2025 8,081 Payable in 2024 7,724Payable in 2027 5,106 Payable in 2026 5,559 Payable in 2025 5,883Payable in 2028 3,409 Payable in 2027 3,535 Payable in 2026 3,799Later 6,426 Later 7,667 Later 9,679Total long-term debts 34,528 Total long-term debts 34,625 Total long-term debts 37, 212The lease liabilities according to IFRS 16 per 31 December are as follows:In thousands of euro 2023 2022 2021On 1 January 27,458 26,482 24,929New leases or extensions of current leases 14,226 10,991 10,702Payments or termination of leases -10,754 -10,060 -10,159Translation (losses)/gains -511 45 1,011Total lease liabilities on 31 December 30,419 27,458 26,482Current 10,288 9,217 8,218Non-current 20,131 18,241 18,264(d) Short-term financial debts: Analysis of short-term financial debts on 31 December 2023: 2023 2022 2021Effective Effective Effective In thousands of eurointerest rate Balanceinterest rate Balanceinterest rate BalanceCNY 2.68% 5,095 - - - -Total - 5,095 - - - -Short term credit facility to support working capital needs in the Suzhou factory in China.Changes in liabilities arising from financing activitiesNon-cash changesIFRS 16 Foreign exchange In thousands of euro1 January 2023 Cash flowsmovementsmovement 31 December 2023Long-term debtsLong-term liabilities 14,000 -2,000 - 12,000Long-term lease liabilities 18,335 -11,831 14,226 -514 20,217Short-term debtsShort-term liabilities 2,000 7,717 -2,622 7,095Short-term lease liabilities 9,217 1,070 10,288Total liabilities from financing activities 43,552 -5,043 14,226 -3,136 49,599The 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. The non-cash changes include impacts from fluctuations in the translation of foreign operations balances, including inter-company borrowings of which the balances are eliminated at Group level.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__289": {
"value": "14. Net financial cash/debtIn thousands of euro 2023 2022 2021Short term investments (a)4,670 1,651 2,763Deposits (a)186,038 151,491 197,039Cash at bank (b)99,991 154,342 154,453Cash in hand 48 82 79Cash and cash equivalents 286,077 305,915 351,571Long-term debts (c)-32,217 -32,335 -34,366Current portion of long-term debts (c)-12,288 -11,217 -10,218Short-term debts (d)-5,095 - -Net financial cash / (debt) 241,147 264,014 309,750At the end of December 2023, Barco\u2019s net cash position reaches 241 million euro, 22.9 million euro lower compared to last year (2022: 264 million euro, 2021: 309.8 million euro). The main elements contributing to this change were cash-in from the positive free cash flow (38 million euro) and the proceeds from the sale of minority investments (9 million euro) offset by cash out for the dividends paid (-41.6 million euro) and the share buyback program (-8 million euro), and translation impacts. We refer to the supplementary statements, note 16 and note 11 for more explanation. Of the total net financial cash at the end of 2023, 286 million euro is cash on the balance sheet. Additional financial flex-ibility is provided with 123.5 million euro of unused bilateral committed credit facilities (of which 75 million euro has an interest margin linked to Barco's sustainability targets) with a selected group of commercial banks (see further c). In addition to significant liquidity, Barco has a well-balanced debt profile with debt limited to 49.6 million euro of which 17.4 million euro near-term maturities. The net financial cash at the end of 2022 amounts to 264 million euro, 45.8 million euro lower compared to end 2021, 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.(a) Short term investments and deposits: 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 material risk of change in valuation.At closing date, short term investments and deposits include:Average Average Average In thousands of euro 2023interest rate 2022interest rate 2021interest rateDeposits in USD 162,683 4.88% 120,908 4.22% 141,324 0.09%Deposits in EUR - - 19,000 1.25% - -Deposits in HKD 19,568 5.06% 9,379 5.24% 45,057 0.27%Deposits in INR 4,670 7.22% 1,549 5.97% 2,763 4.10%Deposits in CNY - - - - 9,368 2.11%Deposits in other currencies 3,787 9.52% 2,307 - 1,291 -Total short term investments and deposits 190,708 - 153,142 - 199,802 - The larger deposit amounts in USD and HKD in 2023 are held in the according home currency of the entities or are hedged, avoiding FX impact in the profit & loss, and optimizing yield. Deposits held in EUR were transferred to deposits in USD as immediately accessible and granting higher interest. In view of the positive interest rate evolution more cash has been held in deposits compared to 2022.In 2022, 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, explaining the decrease in foreign currency deposits in HKD compared to 2021.(b) Cash at bank: Cash at bank is immediately available. It is denominated in the following currencies:2023 2022 2021EUR 48.9% 41.7% 54.4%CNY 12.6% 15.8% 8.5%USD 8.9% 21.2% 19.2%SGD 5.6% 0.3% 0.4%KRW 4.7% 1.6% 1.1%HKD 3.3% 7.1% 3.9%Others 16.0% 12.3% 12.6%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__293-1": {
"value": "The long-term debts, including interests due and excluding the current portion of the long-term debts, are payable as follows:Per 31 DEC 2023 Per 31 DEC 2022 Per 31 DEC 2021Payable in 2025 11,440 Payable in 2024 9,784 Payable in 2023 10,128Payable in 2026 8,146 Payable in 2025 8,081 Payable in 2024 7,724Payable in 2027 5,106 Payable in 2026 5,559 Payable in 2025 5,883Payable in 2028 3,409 Payable in 2027 3,535 Payable in 2026 3,799Later 6,426 Later 7,667 Later 9,679Total long-term debts 34,528 Total long-term debts 34,625 Total long-term debts 37, 212The lease liabilities according to IFRS 16 per 31 December are as follows:In thousands of euro 2023 2022 2021On 1 January 27,458 26,482 24,929New leases or extensions of current leases 14,226 10,991 10,702Payments or termination of leases -10,754 -10,060 -10,159Translation (losses)/gains -511 45 1,011Total lease liabilities on 31 December 30,419 27,458 26,482Current 10,288 9,217 8,218Non-current 20,131 18,241 18,264(d) Short-term financial debts: Analysis of short-term financial debts on 31 December 2023: 2023 2022 2021Effective Effective Effective In thousands of eurointerest rate Balanceinterest rate Balanceinterest rate BalanceCNY 2.68% 5,095 - - - -Total - 5,095 - - - -Short term credit facility to support working capital needs in the Suzhou factory in China.The solvency position and other current ratios continue to consolidate at very 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__299": {
"value": "15. Other long-term liabilitiesIn thousands of euro 2023 2022 2021Other amounts payable (a)1,970 2,312 350Accrued charges - 884 -Deferred Income (b)52,403 41,328 48,510Other long-term liabilities 54,374 44,524 48,860(a) Barco signed a joint venture agreement with the Swedish stcompany Dermicus AB on July 1, 2022. Barco acquired 70% of the shares in Gnosco AB for 4 million euro. 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. In 2023, the fair value assessment of the put option resulted in the decrease of the liability for 0.3 million euro.(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 standard warranty period. The increase in 2023 is mainly related to new long term service contracts, starting as of 2023. Decrease in deferred income in 2022 is caused by less by new contracts started.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__297": {
"value": "15. Other long-term liabilitiesIn thousands of euro 2023 2022 2021Other amounts payable (a)1,970 2,312 350Accrued charges - 884 -Deferred Income (b)52,403 41,328 48,510Other long-term liabilities 54,374 44,524 48,860(a) Barco signed a joint venture agreement with the Swedish stcompany Dermicus AB on July 1, 2022. Barco acquired 70% of the shares in Gnosco AB for 4 million euro. 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. In 2023, the fair value assessment of the put option resulted in the decrease of the liability for 0.3 million euro.(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 standard warranty period. The increase in 2023 is mainly related to new long term service contracts, starting as of 2023. Decrease in deferred income in 2022 is caused by less by new contracts started.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__296": {
"value": "15. Other long-term liabilitiesIn thousands of euro 2023 2022 2021Other amounts payable (a)1,970 2,312 350Accrued charges - 884 -Deferred Income (b)52,403 41,328 48,510Other long-term liabilities 54,374 44,524 48,860(a) Barco signed a joint venture agreement with the Swedish stcompany Dermicus AB on July 1, 2022. Barco acquired 70% of the shares in Gnosco AB for 4 million euro. 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. In 2023, the fair value assessment of the put option resulted in the decrease of the liability for 0.3 million euro.(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 standard warranty period. The increase in 2023 is mainly related to new long term service contracts, starting as of 2023. Decrease in deferred income in 2022 is caused by less by new contracts started.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__295": {
"value": "15. Other long-term liabilitiesIn thousands of euro 2023 2022 2021Other amounts payable (a)1,970 2,312 350Accrued charges - 884 -Deferred Income (b)52,403 41,328 48,510Other long-term liabilities 54,374 44,524 48,860(a) Barco signed a joint venture agreement with the Swedish stcompany Dermicus AB on July 1, 2022. Barco acquired 70% of the shares in Gnosco AB for 4 million euro. 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. In 2023, the fair value assessment of the put option resulted in the decrease of the liability for 0.3 million euro.(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 standard warranty period. The increase in 2023 is mainly related to new long term service contracts, starting as of 2023. Decrease in deferred income in 2022 is caused by less by new contracts started.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__314": {
"value": "16. Equity attributable to equity holders of the parentIn thousands of euro 2023 2022 2021Share capital 56,752 56,752 56,296Share premium 176,905 176,919 161,091Share-based payments 22,445 20,215 18,667Acquired own shares -32,227 -25,443 -31,435Retained earnings 615,588 558,777 527,783Cumulative translation adjustment -44,233 -28,350 -37,906Derivatives 104 319 -713Equity attributable to equity holders of the parent 795,334 759,189 693,7831. Share capital, share premium and own sharesThe company\u2019s share capital is equal to last year and amounts to 56.7 million euro on 31 December 2023, consisting of 92,916,645 fully paid shares.In 2022, the shareholders had 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. In the Extraordinary General Meeting of 25 April 2019, Barco\u2019s 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. Based on this authorization, the company launched a new buy back program which started on 19 December, 2023 and thwill end latest on April 24, 2024. The intention is to purchase a maximum of two million shares of Barco N.V.Barco acquired 491,000 own shares for a total amount of 8,088 (000) euro in 2023.Further, Barco sold in total 122,479 own shares in 2023 upon the exercise of 122,479 stock options with a resulting decrease of the own shares of 1,304 (\u2018000) euro and a decrease in the share premium account of 14 (\u2018000) euro. As a result of the exercised stock-options the company's share premium account per 31 December 2023 amounts to 177 million euro.The number of own shares acquired by Barco NV up to 31 December 2023 therefore increased to 2,826,443 own shares (2022: 2,457,922; 2021: 3,032,682 own shares). The total value of share based payments amount to 22.4 million euro at the end of 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__313": {
"value": "16. Equity attributable to equity holders of the parentIn thousands of euro 2023 2022 2021Share capital 56,752 56,752 56,296Share premium 176,905 176,919 161,091Share-based payments 22,445 20,215 18,667Acquired own shares -32,227 -25,443 -31,435Retained earnings 615,588 558,777 527,783Cumulative translation adjustment -44,233 -28,350 -37,906Derivatives 104 319 -713Equity attributable to equity holders of the parent 795,334 759,189 693,7831. Share capital, share premium and own sharesThe company\u2019s share capital is equal to last year and amounts to 56.7 million euro on 31 December 2023, consisting of 92,916,645 fully paid shares.In 2022, the shareholders had 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. In the Extraordinary General Meeting of 25 April 2019, Barco\u2019s 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. Based on this authorization, the company launched a new buy back program which started on 19 December, 2023 and thwill end latest on April 24, 2024. The intention is to purchase a maximum of two million shares of Barco N.V.Barco acquired 491,000 own shares for a total amount of 8,088 (000) euro in 2023.Further, Barco sold in total 122,479 own shares in 2023 upon the exercise of 122,479 stock options with a resulting decrease of the own shares of 1,304 (\u2018000) euro and a decrease in the share premium account of 14 (\u2018000) euro. As a result of the exercised stock-options the company's share premium account per 31 December 2023 amounts to 177 million euro.The number of own shares acquired by Barco NV up to 31 December 2023 therefore increased to 2,826,443 own shares (2022: 2,457,922; 2021: 3,032,682 own shares). The total value of share based payments amount to 22.4 million euro at the end of 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__309-1": {
"value": "16. Equity attributable to equity holders of the parentIn thousands of euro 2023 2022 2021Share capital 56,752 56,752 56,296Share premium 176,905 176,919 161,091Share-based payments 22,445 20,215 18,667Acquired own shares -32,227 -25,443 -31,435Retained earnings 615,588 558,777 527,783Cumulative translation adjustment -44,233 -28,350 -37,906Derivatives 104 319 -713Equity attributable to equity holders of the parent 795,334 759,189 693,7835. DerivativesDerivative financial instruments are disclosed in note 20.20. Risk management - derivative financial instrumentsGeneral risk factors are described in the director\u2019s report \u201cRisk Factors\u201d. 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 riskRecognized assets and liabilitiesBarco incurs foreign currency risk on recognized assets and liabilities when they are denominated in a currency other than the company\u2019s 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 transactionsBarco 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 2023, there were no forward contracts outstanding under hedge accounting treatment.Estimated sensitivity to currency fluctuationsSensitivity 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:\u2022 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.\u2022 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.\u2022 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 1 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 81.7% in 2023 (2022: 71%).\u2022 Another impact is the fact that some of Barco\u2019s main com-petitors are USD-based. Whenever the USD decreases in value against the euro, these competitors have a worldwide competitive advantage over Barco. This impact on operating result cannot be measured reliably.Interest rate riskBarco uses following hedging instruments to manage its interest rate risk:Swap on outstanding or anticipated borrowingBarco concluded a series of interest rate swaps with an out-standing notional amount of 7 million euro by means of a partial hedge for the bilateral real estate leasing (currently out-standing at 14.0 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 fluctuationsFinancial markets have shown a significant increase in both long-term and short-term interest rates following multi-ple policy rate increases concluded by most central banks in their attempt to slowdown economy and inflation rates. Management closely monitors the economic and financial outlook and does not expect the interest rates to further increase in the near foreseeable future, which limits additional interest exposure on the short-term debt portfolio.With reference to the fair values table below, approximately 70% of Barco\u2019s outstanding long-term debt portfolio has a fixed interest rate character, which again limits the exposure of the company to interest rate fluctuations. This ratio increases to 84% when including the swap instruments disclosed above.Fair values Set out on the right is an overview of the carrying amounts of the Group\u2019s 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.2023 2022 2021In thousands of euro Carrying amount / Fair value (approx.)Financial assetsInvestments at fair value through equity 41,695 37,337 46,680 Trade receivables 208,567 194,643 156,977 Other receivables 14,458 14,509 16,211 Loan and other receivables 10,137 11,971 15,152 Interest receivable - 1 4 Currency rate swap 4,185 2,187 1,055 Interest rate swap 136 350 -Other non-current assets 4,335 5,819 6,849 Short term investments 4,670 1,651 2,763 Cash and cash equivalents 286,077 305,915 351,571 Total 559,802 559,874 581,051 Financial liabilitiesFinancial debts 14,000 16,000 18,000 Floating rate borrowings 7,013 8,288 9,563 Fixed rate borrowings 6,988 7,713 8,438 Other long-term liabilities 54,374 44,524 48,860 Short-term debts 5,095 - - Trade payables 89,350 121,920 113,979 Other current liabilities 7,034 5,412 5,036 Other short term amounts payable 1,293 750 1,206 Dividends payable 2,289 2,289 2,289 Currency rate swap 3,452 2,373 859 Interest rate swap - - 682 Total 169,853 187,856 185,875 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:\u2022 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.\u2022 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 remea-surement at fair value per 31 December 2023 versus the carrying amount is reflected in other comprehensive income.\u2022 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 2023, the carrying amounts of such receivables, net of allowances, are assumed not to be materially different from their calculated fair values.\u2022 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 2023, the effective interest rate is not materially different from the nominal interest rate of the financial obligation. \u2022 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.Fair value hierarchyAs at 31 December 2023, the Group held the following financial instruments measured at fair value:In thousands of euro 2023 2022 2021Assets measured at fair valueFinancial assets at fair value through profit or loss Foreign exchange contracts - non-hedged 4,185 2,187 1,055 Financial assets at fair value through equity Investments 41,695 37,337 46,680 Interest rate swap 136 350 -Liabilities measured at fair valueFinancial liabilities at fair value through profit or loss Foreign exchange contracts - non-hedged 3,452 2,373 859Financial liabilities at fair value through equity Interest rate swap - - 682The 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.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 2023, there were no transfers between Level 1 and Level 2 fair value measurements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__306-1": {
"value": "16. Equity attributable to equity holders of the parentIn thousands of euro 2023 2022 2021Share capital 56,752 56,752 56,296Share premium 176,905 176,919 161,091Share-based payments 22,445 20,215 18,667Acquired own shares -32,227 -25,443 -31,435Retained earnings 615,588 558,777 527,783Cumulative translation adjustment -44,233 -28,350 -37,906Derivatives 104 319 -713Equity attributable to equity holders of the parent 795,334 759,189 693,7834. Cumulative translation adjustmentIn 2023, the exchange differences on translation of foreign operations have a net negative impact of 15.9 million euro, mainly relating to foreign balances held in Hong Kong Dollar (-5 million euro), US Dollar (-4.6 million euro), Chinese Yuan (-4.1 million euro) and Indian Rupee (-1 million euro).20. Risk management - derivative financial instrumentsGeneral risk factors are described in the director\u2019s report \u201cRisk Factors\u201d. 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__304-1": {
"value": "16. Equity attributable to equity holders of the parentIn thousands of euro 2023 2022 2021Share capital 56,752 56,752 56,296Share premium 176,905 176,919 161,091Share-based payments 22,445 20,215 18,667Acquired own shares -32,227 -25,443 -31,435Retained earnings 615,588 558,777 527,783Cumulative translation adjustment -44,233 -28,350 -37,906Derivatives 104 319 -713Equity attributable to equity holders of the parent 795,334 759,189 693,7832. Share-based paymentsOn 20 November 2023, 2 new option plans have been approved by the Board of Directors, through which maximum 471,404 stock options could be granted before 31 December 2023. Each stock option gives right to the acquisition of one (1) share. In 2023, 445,015 stock options have been granted to and accepted by employees and management of the group based upon these option plans.Stock option plansThe total number of outstanding stock options on 31 December 2023 amounted to 2,513,729. The company\u2019s own shares will be used under the outstanding stock option plan to fulfill the commitment. During 2023, 122,479 stock options have been exercised (in 2022, 574,760 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:Exercise price Balance on Accepted Exercised Expired Balance on Allocation date End term(in euro)31 Dec 2022in 2023in 2023in 202331 Dec 2023Stock options10/21/13 10/20/23 8.43 9,800 - -4,900 -4,900 -10/23/14 10/22/24 7.86 16,791 - -700 - 16,09110/22/15 10/21/25 8.16 8,650 - - - 8,65010/22/15 10/21/23 8.16 32,550 - -14,000 -17,500 1,050110/22/1510/21/23 8.26 15,400 - -12,243 -3,157 -10/24/16 10/23/26 10.40 125,160 - -46,750 - 78,41010/24/16 10/23/24 10.40 35,560 - -9,960 - 25,600110/24/1610/23/24 10.61 20,501 - -4,298 - 16,20310/20/17 10/16/27 12.54 181,425 - -5,900 - 175,52510/20/17 10/16/25 12.54 59,800 - -8,700 - 51,100110/20/1710/16/25 12.67 17,900 - -4,000 - 13,90010/23/18 10/22/28 14.40 50,550 - -11,028 - 39,52210/11/19 10/10/29 24.83 269,430 - - -185,150 84,28010/29/20 10/28/30 12.76 381,850 - - - 381,85012/06/21 12/06/31 17.80 853,700 - - - 853,70012/08/22 12/07/32 21.74 289,946 - - - 289,946112/08/2212/07/32 22.32 32,887 - - - 32,88712/08/23 12/07/33 15.27 - 399,004 - - 399,00412/08/23 12/07/33 15.58 - 46,011 - - 46,011 Total number of stock options2,401,900445,015 -122,479 -210,707 2,513,729(1) Deviation of exercise price as a result of the implementation of the US sub plan.The cost of these stock option plans is recognized over the vesting period on a straight line basis and is 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 2.2 million euro to 22.4 million euro in 2023 (2022: 1.5 million euro; 2021: 4.5 million euro). In 2021, 3 mil-lion 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).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__302-1": {
"value": "16. Equity attributable to equity holders of the parentIn thousands of euro 2023 2022 2021Share capital 56,752 56,752 56,296Share premium 176,905 176,919 161,091Share-based payments 22,445 20,215 18,667Acquired own shares -32,227 -25,443 -31,435Retained earnings 615,588 558,777 527,783Cumulative translation adjustment -44,233 -28,350 -37,906Derivatives 104 319 -713Equity attributable to equity holders of the parent 795,334 759,189 693,7832. Share-based paymentsOn 20 November 2023, 2 new option plans have been approved by the Board of Directors, through which maximum 471,404 stock options could be granted before 31 December 2023. Each stock option gives right to the acquisition of one (1) share. In 2023, 445,015 stock options have been granted to and accepted by employees and management of the group based upon these option plans.Stock option plansThe total number of outstanding stock options on 31 December 2023 amounted to 2,513,729. The company\u2019s own shares will be used under the outstanding stock option plan to fulfill the commitment. During 2023, 122,479 stock options have been exercised (in 2022, 574,760 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:Exercise price Balance on Accepted Exercised Expired Balance on Allocation date End term(in euro)31 Dec 2022in 2023in 2023in 202331 Dec 2023Stock options10/21/13 10/20/23 8.43 9,800 - -4,900 -4,900 -10/23/14 10/22/24 7.86 16,791 - -700 - 16,09110/22/15 10/21/25 8.16 8,650 - - - 8,65010/22/15 10/21/23 8.16 32,550 - -14,000 -17,500 1,050110/22/1510/21/23 8.26 15,400 - -12,243 -3,157 -10/24/16 10/23/26 10.40 125,160 - -46,750 - 78,41010/24/16 10/23/24 10.40 35,560 - -9,960 - 25,600110/24/1610/23/24 10.61 20,501 - -4,298 - 16,20310/20/17 10/16/27 12.54 181,425 - -5,900 - 175,52510/20/17 10/16/25 12.54 59,800 - -8,700 - 51,100110/20/1710/16/25 12.67 17,900 - -4,000 - 13,90010/23/18 10/22/28 14.40 50,550 - -11,028 - 39,52210/11/19 10/10/29 24.83 269,430 - - -185,150 84,28010/29/20 10/28/30 12.76 381,850 - - - 381,85012/06/21 12/06/31 17.80 853,700 - - - 853,70012/08/22 12/07/32 21.74 289,946 - - - 289,946112/08/2212/07/32 22.32 32,887 - - - 32,88712/08/23 12/07/33 15.27 - 399,004 - - 399,00412/08/23 12/07/33 15.58 - 46,011 - - 46,011 Total number of stock options2,401,900445,015 -122,479 -210,707 2,513,729(1) Deviation of exercise price as a result of the implementation of the US sub plan.The cost of these stock option plans is recognized over the vesting period on a straight line basis and is 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 2.2 million euro to 22.4 million euro in 2023 (2022: 1.5 million euro; 2021: 4.5 million euro). In 2021, 3 mil-lion 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).3. Retained earningsThe change in retained earnings includes the net income of 2023, actuarial profits, change in the fair value of equity investments, and the distribution of 39.8 million euro dividend, as approved by the general shareholders meeting of 27 April 2023. The board of directors of Barco NV will propose a gross dividend of 0.48 euro per share out of the available reserves per 31 December 2023. In 2023 a gross dividend of 0.44 euro per share was granted on the results of 2022.4. Cumulative translation adjustmentIn 2023, the exchange differences on translation of foreign operations have a net negative impact of 15.9 million euro, mainly relating to foreign balances held in Hong Kong Dollar (-5 million euro), US Dollar (-4.6 million euro), Chinese Yuan (-4.1 million euro) and Indian Rupee (-1 million euro).5. DerivativesDerivative financial instruments are disclosed in note 20.6. Main shareholdersBefore DilutionPublic 64,579,743 69.50%Vandewiele Group NV 20,532,568 22.10%3D NV 4,977,891 5.36%Barco NV 2,826,443 3.04%Total 92,916,645 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__300-1": {
"value": "16. Equity attributable to equity holders of the parentIn thousands of euro 2023 2022 2021Share capital 56,752 56,752 56,296Share premium 176,905 176,919 161,091Share-based payments 22,445 20,215 18,667Acquired own shares -32,227 -25,443 -31,435Retained earnings 615,588 558,777 527,783Cumulative translation adjustment -44,233 -28,350 -37,906Derivatives 104 319 -713Equity attributable to equity holders of the parent 795,334 759,189 693,7831. Share capital, share premium and own sharesThe company\u2019s share capital is equal to last year and amounts to 56.7 million euro on 31 December 2023, consisting of 92,916,645 fully paid shares.In 2022, the shareholders had 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. In the Extraordinary General Meeting of 25 April 2019, Barco\u2019s 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. Based on this authorization, the company launched a new buy back program which started on 19 December, 2023 and thwill end latest on April 24, 2024. The intention is to purchase a maximum of two million shares of Barco N.V.Barco acquired 491,000 own shares for a total amount of 8,088 (000) euro in 2023.Further, Barco sold in total 122,479 own shares in 2023 upon the exercise of 122,479 stock options with a resulting decrease of the own shares of 1,304 (\u2018000) euro and a decrease in the share premium account of 14 (\u2018000) euro. As a result of the exercised stock-options the company's share premium account per 31 December 2023 amounts to 177 million euro.The number of own shares acquired by Barco NV up to 31 December 2023 therefore increased to 2,826,443 own shares (2022: 2,457,922; 2021: 3,032,682 own shares). The total value of share based payments amount to 22.4 million euro at the end of 2023.2. Share-based paymentsOn 20 November 2023, 2 new option plans have been approved by the Board of Directors, through which maximum 471,404 stock options could be granted before 31 December 2023. Each stock option gives right to the acquisition of one (1) share. In 2023, 445,015 stock options have been granted to and accepted by employees and management of the group based upon these option plans.Stock option plansThe total number of outstanding stock options on 31 December 2023 amounted to 2,513,729. The company\u2019s own shares will be used under the outstanding stock option plan to fulfill the commitment. During 2023, 122,479 stock options have been exercised (in 2022, 574,760 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:Exercise price Balance on Accepted Exercised Expired Balance on Allocation date End term(in euro)31 Dec 2022in 2023in 2023in 202331 Dec 2023Stock options10/21/13 10/20/23 8.43 9,800 - -4,900 -4,900 -10/23/14 10/22/24 7.86 16,791 - -700 - 16,09110/22/15 10/21/25 8.16 8,650 - - - 8,65010/22/15 10/21/23 8.16 32,550 - -14,000 -17,500 1,050110/22/1510/21/23 8.26 15,400 - -12,243 -3,157 -10/24/16 10/23/26 10.40 125,160 - -46,750 - 78,41010/24/16 10/23/24 10.40 35,560 - -9,960 - 25,600110/24/1610/23/24 10.61 20,501 - -4,298 - 16,20310/20/17 10/16/27 12.54 181,425 - -5,900 - 175,52510/20/17 10/16/25 12.54 59,800 - -8,700 - 51,100110/20/1710/16/25 12.67 17,900 - -4,000 - 13,90010/23/18 10/22/28 14.40 50,550 - -11,028 - 39,52210/11/19 10/10/29 24.83 269,430 - - -185,150 84,28010/29/20 10/28/30 12.76 381,850 - - - 381,85012/06/21 12/06/31 17.80 853,700 - - - 853,70012/08/22 12/07/32 21.74 289,946 - - - 289,946112/08/2212/07/32 22.32 32,887 - - - 32,88712/08/23 12/07/33 15.27 - 399,004 - - 399,00412/08/23 12/07/33 15.58 - 46,011 - - 46,011 Total number of stock options2,401,900445,015 -122,479 -210,707 2,513,729(1) Deviation of exercise price as a result of the implementation of the US sub plan.The cost of these stock option plans is recognized over the vesting period on a straight line basis and is 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 2.2 million euro to 22.4 million euro in 2023 (2022: 1.5 million euro; 2021: 4.5 million euro). In 2021, 3 mil-lion 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).3. Retained earningsThe change in retained earnings includes the net income of 2023, actuarial profits, change in the fair value of equity investments, and the distribution of 39.8 million euro dividend, as approved by the general shareholders meeting of 27 April 2023. The board of directors of Barco NV will propose a gross dividend of 0.48 euro per share out of the available reserves per 31 December 2023. In 2023 a gross dividend of 0.44 euro per share was granted on the results of 2022.4. Cumulative translation adjustmentIn 2023, the exchange differences on translation of foreign operations have a net negative impact of 15.9 million euro, mainly relating to foreign balances held in Hong Kong Dollar (-5 million euro), US Dollar (-4.6 million euro), Chinese Yuan (-4.1 million euro) and Indian Rupee (-1 million euro).5. DerivativesDerivative financial instruments are disclosed in note 20.6. Main shareholdersBefore DilutionPublic 64,579,743 69.50%Vandewiele Group NV 20,532,568 22.10%3D NV 4,977,891 5.36%Barco NV 2,826,443 3.04%Total 92,916,645 100%17. Non-controlling interestThe below table represents the proportion of equity interest held by non-controlling interests:Name Country of incorporation and operation 2023 2022 2021Cinionic Ltd. Hong Kong 20% 20% 45%Cinionic bv Belgium 0% 20% 45%Cinionic Inc. United States 0% 20% 45%Barco Cine Appo Mexico, S.A. de C.V. Mexico 0% 20% 45%Cinionic Pty. Ltd. Australia 0% 20% 45%Dermicus AB Sweden 30% 30%Barco Solutions BV Belgium 30% 30%Gnosco Dermicus LTD United Kingdom 30% 30%Overview of the equity attributable to non-controlling interest:In thousands of euro 2023 2022 2021Cinionic Ltd. 18,249 20,345 41,031Dermicus AB -2,288 -554Total equity attributable to non-controlling interest 15,961 19,792 41,031Upon 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\u2019 equity and result. In 2022 Barco agreed to buy the stakes held by the minority shareholders Appotronics and CITICPE in Cinionic, increasing Barco\u2019s ownership interest in the joint venture to 80%. The 20% stake was shown as non-controlling interest.As announced on 22 November 2023, Barco reached an agreement with China Film Equipment co., Ltd to fully acquire Cinionic\u2019s premium Cinema solutions business, increasing Barco\u2019s ownership interest in the joint venture from 80% to 100%.The change in ownership to 100% of all Cinionic legal entities, except for the holding entity Cinionic Ltd. (Hong Kong), is reflected as of 1 November 2023. Cinionic Ltd. remains 80% owned by Barco until the completion of a selective capital decrease to Barco, which will result in the full ownership of the Cinionic Ltd legal entity and remaining cash of approximately 18 million euro by the minority shareholder China Film Group, as reflected in the non-controlling interest in the consolidated statement of changes in equity per end of 2023. The, by the shareholders agreed, selective capital decrease is expected to be completed by the end of the first quarter of 2024.The change in ownership from 80 to 100% had an impact of 2.7 million euro and has been reflected in OCI per 31 December 2023, as there is no change in control. The financials of Cinionic are fully consolidated in the Entertain- ment results in 2021 - 2023. In order to advance its growth initiative Demetra, Barco signed a joint venture agreement with the Swedish company Gnosco stAB on July 1, 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. Below is the consolidated balance sheet of the Cinionic legal entities as at 31 December 2023, 2022 and 2021:Assets and Liabilities Cinionic JVIn thousands of euro 2023 2022 2021Total non-current assets - 11,081 6,788Cash 59,520 84,610 86,429Other current assets 31,798 49,638 28,378Total current assets 91,318 134,248 114,807Total assets 91,318 145,329 121,595Equity attributable to equityholders of the parent 72,995 81,381 50,149Equity attributable to non-controlling interest 18,249 20,345 41,031Total equity 91,244 101,726 91,181Total non-current liabilities - 29,645 28,512Total current liabilities 74 40,024 26,724Total liabilities 91,318 171,395 146,416Per end of 2023 the consolidated balance sheet of the Cinionic joint venture reflects the Cinionic Ltd assets, composing of 60 million euro cash and 32 million euro intercompany receivable on Barco NV, linked to the transfer of 100% of the shares of Cinionic BV and Cinionic Inc to Barco NV, which will be set-tled upon the selective capital decrease of 73 million euro to Barco. The remaining 18 million euro cash is reflected in the equity attributable to non-controlling interest, as will be fully owned by the remaining shareholder China Film Group, after the selective capital decrease.Until end 2022 the Cinionic JV included the assets and liabil-ities of the following legal entities: Cinionic Limited, Cinionic bv, Barco CineAppo Mexico, S.A. de C.V., Cinionic Inc. and Cinionic Pty. Ltd. See note 1.1.Below is the consolidated balance sheet of the Dermicus legal entities as at 31 December 2023 and 2022:Assets and Liabilities Dermicus JVIn thousands of euro 2023 2022Total non-current assets 3,452 7,446Total current assets 998 1,218Total assets 4,450 8,664Equity attributable to equityholders of the parent 246 2,791Equity attributable to non-controlling interest -2,288 -554Total equity -2,042 2,237Total non-current liabilities 2,154 3,246Total current liabilities 1,289 1,632Total liabilities 1,400 7,115We refer to note 1.1 for more details on the Dermicus legal enti-ties: Dermicus AB, Barco Solutions BV, Gnosco Dermicus Ltd. The name of the legal entity Gnosco AB changed to Dermicus AB during 2023.Overview of the net income attributable to non-controlling interest:% non-% non-% non-In thousands of eurocontrolling 2023controlling 2022controlling 2021Cinionic Ltd. 2,133 374 -208Cinionic bv* 10,564 6,628 2,559Cinionic Inc.* 857 1,072 -754Barco Cine Appo Mexico, S.A. de C.V.* 376 -2,343 238Cinionic Pty. Ltd.* -26 146 116Barco Solutions BV -1,401 -688Dermicus AB -4,293 -976Gnosco Dermicus Ltd. 7 2Net income 8,217 4,215 1,951Cinionic Ltd. 20% 427 20% 75 45% -93Cinionic bv* 20% 2,112 20% 1,326 45% 1,151Cinionic Inc.* 20% 171 20% 214 45% -339Barco Cine Appo Mexico, S.A. de C.V.* 20% 75 20% -469 45% 107Cinionic Pty. Ltd.* 20% -5 20% 29 45% 52Barco Solutions BV 30% -420 30% -206 - -Dermicus AB 30% -1,288 30% -293 - -Gnosco Dermicus Ltd. 30% 2 30% 1 - -Net income attributable to non-controlling interest 1,074 677 878(*) 20% non-controlling interest included until October 31st, 2023.Other comprehensive income/(loss) for the period, net of tax effect, part attributable to non-controlling interest amounts to -0.4 million euro in 2023, 2.5 million euro in 2022 and 2.4 million euro in 2021.Total comprehensive income for the year, net of tax, part attrib-utable to non-controlling interest amounts to 0.7 million euro in 2023, 3.2 million euro in 2022 and 3.2 million euro in 2021.",
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"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__315": {
"value": "17. Non-controlling interestThe below table represents the proportion of equity interest held by non-controlling interests:Name Country of incorporation and operation 2023 2022 2021Cinionic Ltd. Hong Kong 20% 20% 45%Cinionic bv Belgium 0% 20% 45%Cinionic Inc. United States 0% 20% 45%Barco Cine Appo Mexico, S.A. de C.V. Mexico 0% 20% 45%Cinionic Pty. Ltd. Australia 0% 20% 45%Dermicus AB Sweden 30% 30%Barco Solutions BV Belgium 30% 30%Gnosco Dermicus LTD United Kingdom 30% 30%Overview of the equity attributable to non-controlling interest:In thousands of euro 2023 2022 2021Cinionic Ltd. 18,249 20,345 41,031Dermicus AB -2,288 -554Total equity attributable to non-controlling interest 15,961 19,792 41,031Upon 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\u2019 equity and result. In 2022 Barco agreed to buy the stakes held by the minority shareholders Appotronics and CITICPE in Cinionic, increasing Barco\u2019s ownership interest in the joint venture to 80%. The 20% stake was shown as non-controlling interest.As announced on 22 November 2023, Barco reached an agreement with China Film Equipment co., Ltd to fully acquire Cinionic\u2019s premium Cinema solutions business, increasing Barco\u2019s ownership interest in the joint venture from 80% to 100%.The change in ownership to 100% of all Cinionic legal entities, except for the holding entity Cinionic Ltd. (Hong Kong), is reflected as of 1 November 2023. Cinionic Ltd. remains 80% owned by Barco until the completion of a selective capital decrease to Barco, which will result in the full ownership of the Cinionic Ltd legal entity and remaining cash of approximately 18 million euro by the minority shareholder China Film Group, as reflected in the non-controlling interest in the consolidated statement of changes in equity per end of 2023. The, by the shareholders agreed, selective capital decrease is expected to be completed by the end of the first quarter of 2024.The change in ownership from 80 to 100% had an impact of 2.7 million euro and has been reflected in OCI per 31 December 2023, as there is no change in control. The financials of Cinionic are fully consolidated in the Entertain- ment results in 2021 - 2023. In order to advance its growth initiative Demetra, Barco signed a joint venture agreement with the Swedish company Gnosco stAB on July 1, 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. Below is the consolidated balance sheet of the Cinionic legal entities as at 31 December 2023, 2022 and 2021:Assets and Liabilities Cinionic JVIn thousands of euro 2023 2022 2021Total non-current assets - 11,081 6,788Cash 59,520 84,610 86,429Other current assets 31,798 49,638 28,378Total current assets 91,318 134,248 114,807Total assets 91,318 145,329 121,595Equity attributable to equityholders of the parent 72,995 81,381 50,149Equity attributable to non-controlling interest 18,249 20,345 41,031Total equity 91,244 101,726 91,181Total non-current liabilities - 29,645 28,512Total current liabilities 74 40,024 26,724Total liabilities 91,318 171,395 146,416Per end of 2023 the consolidated balance sheet of the Cinionic joint venture reflects the Cinionic Ltd assets, composing of 60 million euro cash and 32 million euro intercompany receivable on Barco NV, linked to the transfer of 100% of the shares of Cinionic BV and Cinionic Inc to Barco NV, which will be set-tled upon the selective capital decrease of 73 million euro to Barco. The remaining 18 million euro cash is reflected in the equity attributable to non-controlling interest, as will be fully owned by the remaining shareholder China Film Group, after the selective capital decrease.Until end 2022 the Cinionic JV included the assets and liabil-ities of the following legal entities: Cinionic Limited, Cinionic bv, Barco CineAppo Mexico, S.A. de C.V., Cinionic Inc. and Cinionic Pty. Ltd. See note 1.1.Below is the consolidated balance sheet of the Dermicus legal entities as at 31 December 2023 and 2022:Assets and Liabilities Dermicus JVIn thousands of euro 2023 2022Total non-current assets 3,452 7,446Total current assets 998 1,218Total assets 4,450 8,664Equity attributable to equityholders of the parent 246 2,791Equity attributable to non-controlling interest -2,288 -554Total equity -2,042 2,237Total non-current liabilities 2,154 3,246Total current liabilities 1,289 1,632Total liabilities 1,400 7,115We refer to note 1.1 for more details on the Dermicus legal enti-ties: Dermicus AB, Barco Solutions BV, Gnosco Dermicus Ltd. The name of the legal entity Gnosco AB changed to Dermicus AB during 2023.Overview of the net income attributable to non-controlling interest:% non-% non-% non-In thousands of eurocontrolling 2023controlling 2022controlling 2021Cinionic Ltd. 2,133 374 -208Cinionic bv* 10,564 6,628 2,559Cinionic Inc.* 857 1,072 -754Barco Cine Appo Mexico, S.A. de C.V.* 376 -2,343 238Cinionic Pty. Ltd.* -26 146 116Barco Solutions BV -1,401 -688Dermicus AB -4,293 -976Gnosco Dermicus Ltd. 7 2Net income 8,217 4,215 1,951Cinionic Ltd. 20% 427 20% 75 45% -93Cinionic bv* 20% 2,112 20% 1,326 45% 1,151Cinionic Inc.* 20% 171 20% 214 45% -339Barco Cine Appo Mexico, S.A. de C.V.* 20% 75 20% -469 45% 107Cinionic Pty. Ltd.* 20% -5 20% 29 45% 52Barco Solutions BV 30% -420 30% -206 - -Dermicus AB 30% -1,288 30% -293 - -Gnosco Dermicus Ltd. 30% 2 30% 1 - -Net income attributable to non-controlling interest 1,074 677 878(*) 20% non-controlling interest included until October 31st, 2023.Other comprehensive income/(loss) for the period, net of tax effect, part attributable to non-controlling interest amounts to -0.4 million euro in 2023, 2.5 million euro in 2022 and 2.4 million euro in 2021.Total comprehensive income for the year, net of tax, part attrib-utable to non-controlling interest amounts to 0.7 million euro in 2023, 3.2 million euro in 2022 and 3.2 million euro in 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__316": {
"value": "18. Trade payables and advances received from customersIn thousands of euro 2023 2022 2021Trade payables (a)89,350 121,920 113,979Days payable outstanding (DPO) 50 68 80Advances received from customers 40,613 51,183 54,105(a) The decrease in trade payables in 2023 is the result of signif-icant slowdown of the raw material purchases throughout the year, in order to reduce inventory levels. The increase in trade payables in 2022 and 2021 was the result of higher raw material purchases (increase in volume, component prices and transport charges). In 2022 higher purchases thwere caused by higher sales in the 4 quarter (+29% year-over-year). Payment terms with suppliers were not extended and there has been no change in payment behavior towards suppliers.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__298": {
"value": "18. Trade payables and advances received from customersIn thousands of euro 2023 2022 2021Trade payables (a)89,350 121,920 113,979Days payable outstanding (DPO) 50 68 80Advances received from customers 40,613 51,183 54,105",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__318-1": {
"value": "20. Risk management - derivative financial instrumentsGeneral risk factors are described in the director\u2019s report \u201cRisk Factors\u201d. 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.Fair values Set out on the right is an overview of the carrying amounts of the Group\u2019s 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.2023 2022 2021In thousands of euro Carrying amount / Fair value (approx.)Financial assetsInvestments at fair value through equity 41,695 37,337 46,680 Trade receivables 208,567 194,643 156,977 Other receivables 14,458 14,509 16,211 Loan and other receivables 10,137 11,971 15,152 Interest receivable - 1 4 Currency rate swap 4,185 2,187 1,055 Interest rate swap 136 350 -Other non-current assets 4,335 5,819 6,849 Short term investments 4,670 1,651 2,763 Cash and cash equivalents 286,077 305,915 351,571 Total 559,802 559,874 581,051 Financial liabilitiesFinancial debts 14,000 16,000 18,000 Floating rate borrowings 7,013 8,288 9,563 Fixed rate borrowings 6,988 7,713 8,438 Other long-term liabilities 54,374 44,524 48,860 Short-term debts 5,095 - - Trade payables 89,350 121,920 113,979 Other current liabilities 7,034 5,412 5,036 Other short term amounts payable 1,293 750 1,206 Dividends payable 2,289 2,289 2,289 Currency rate swap 3,452 2,373 859 Interest rate swap - - 682 Total 169,853 187,856 185,875 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:\u2022 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.\u2022 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 remea-surement at fair value per 31 December 2023 versus the carrying amount is reflected in other comprehensive income.\u2022 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 2023, the carrying amounts of such receivables, net of allowances, are assumed not to be materially different from their calculated fair values.\u2022 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 2023, the effective interest rate is not materially different from the nominal interest rate of the financial obligation. \u2022 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.Fair value hierarchyAs at 31 December 2023, the Group held the following financial instruments measured at fair value:In thousands of euro 2023 2022 2021Assets measured at fair valueFinancial assets at fair value through profit or loss Foreign exchange contracts - non-hedged 4,185 2,187 1,055 Financial assets at fair value through equity Investments 41,695 37,337 46,680 Interest rate swap 136 350 -Liabilities measured at fair valueFinancial liabilities at fair value through profit or loss Foreign exchange contracts - non-hedged 3,452 2,373 859Financial liabilities at fair value through equity Interest rate swap - - 682The 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.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 2023, there were no transfers between Level 1 and Level 2 fair value measurements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__317": {
"value": "20. Risk management - derivative financial instrumentsGeneral risk factors are described in the director\u2019s report \u201cRisk Factors\u201d. 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 riskRecognized assets and liabilitiesBarco incurs foreign currency risk on recognized assets and liabilities when they are denominated in a currency other than the company\u2019s 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 transactionsBarco 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 2023, there were no forward contracts outstanding under hedge accounting treatment.Estimated sensitivity to currency fluctuationsSensitivity 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:\u2022 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.\u2022 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.\u2022 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 1 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 81.7% in 2023 (2022: 71%).\u2022 Another impact is the fact that some of Barco\u2019s main com-petitors are USD-based. Whenever the USD decreases in value against the euro, these competitors have a worldwide competitive advantage over Barco. This impact on operating result cannot be measured reliably.Interest rate riskBarco uses following hedging instruments to manage its interest rate risk:Swap on outstanding or anticipated borrowingBarco concluded a series of interest rate swaps with an out-standing notional amount of 7 million euro by means of a partial hedge for the bilateral real estate leasing (currently out-standing at 14.0 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 fluctuationsFinancial markets have shown a significant increase in both long-term and short-term interest rates following multi-ple policy rate increases concluded by most central banks in their attempt to slowdown economy and inflation rates. Management closely monitors the economic and financial outlook and does not expect the interest rates to further increase in the near foreseeable future, which limits additional interest exposure on the short-term debt portfolio.With reference to the fair values table below, approximately 70% of Barco\u2019s outstanding long-term debt portfolio has a fixed interest rate character, which again limits the exposure of the company to interest rate fluctuations. This ratio increases to 84% when including the swap instruments disclosed above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__323-1": {
"value": "Fair values Set out on the right is an overview of the carrying amounts of the Group\u2019s 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.2023 2022 2021In thousands of euro Carrying amount / Fair value (approx.)Financial assetsInvestments at fair value through equity 41,695 37,337 46,680 Trade receivables 208,567 194,643 156,977 Other receivables 14,458 14,509 16,211 Loan and other receivables 10,137 11,971 15,152 Interest receivable - 1 4 Currency rate swap 4,185 2,187 1,055 Interest rate swap 136 350 -Other non-current assets 4,335 5,819 6,849 Short term investments 4,670 1,651 2,763 Cash and cash equivalents 286,077 305,915 351,571 Total 559,802 559,874 581,051 Financial liabilitiesFinancial debts 14,000 16,000 18,000 Floating rate borrowings 7,013 8,288 9,563 Fixed rate borrowings 6,988 7,713 8,438 Other long-term liabilities 54,374 44,524 48,860 Short-term debts 5,095 - - Trade payables 89,350 121,920 113,979 Other current liabilities 7,034 5,412 5,036 Other short term amounts payable 1,293 750 1,206 Dividends payable 2,289 2,289 2,289 Currency rate swap 3,452 2,373 859 Interest rate swap - - 682 Total 169,853 187,856 185,875 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.Fair value hierarchyAs at 31 December 2023, the Group held the following financial instruments measured at fair value:In thousands of euro 2023 2022 2021Assets measured at fair valueFinancial assets at fair value through profit or loss Foreign exchange contracts - non-hedged 4,185 2,187 1,055 Financial assets at fair value through equity Investments 41,695 37,337 46,680 Interest rate swap 136 350 -Liabilities measured at fair valueFinancial liabilities at fair value through profit or loss Foreign exchange contracts - non-hedged 3,452 2,373 859Financial liabilities at fair value through equity Interest rate swap - - 682",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__321-1": {
"value": "Fair values Set out on the right is an overview of the carrying amounts of the Group\u2019s 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.2023 2022 2021In thousands of euro Carrying amount / Fair value (approx.)Financial assetsInvestments at fair value through equity 41,695 37,337 46,680 Trade receivables 208,567 194,643 156,977 Other receivables 14,458 14,509 16,211 Loan and other receivables 10,137 11,971 15,152 Interest receivable - 1 4 Currency rate swap 4,185 2,187 1,055 Interest rate swap 136 350 -Other non-current assets 4,335 5,819 6,849 Short term investments 4,670 1,651 2,763 Cash and cash equivalents 286,077 305,915 351,571 Total 559,802 559,874 581,051 Financial liabilitiesFinancial debts 14,000 16,000 18,000 Floating rate borrowings 7,013 8,288 9,563 Fixed rate borrowings 6,988 7,713 8,438 Other long-term liabilities 54,374 44,524 48,860 Short-term debts 5,095 - - Trade payables 89,350 121,920 113,979 Other current liabilities 7,034 5,412 5,036 Other short term amounts payable 1,293 750 1,206 Dividends payable 2,289 2,289 2,289 Currency rate swap 3,452 2,373 859 Interest rate swap - - 682 Total 169,853 187,856 185,875 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.Fair value hierarchyAs at 31 December 2023, the Group held the following financial instruments measured at fair value:In thousands of euro 2023 2022 2021Assets measured at fair valueFinancial assets at fair value through profit or loss Foreign exchange contracts - non-hedged 4,185 2,187 1,055 Financial assets at fair value through equity Investments 41,695 37,337 46,680 Interest rate swap 136 350 -Liabilities measured at fair valueFinancial liabilities at fair value through profit or loss Foreign exchange contracts - non-hedged 3,452 2,373 859Financial liabilities at fair value through equity Interest rate swap - - 682",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__320": {
"value": "Fair values Set out on the right is an overview of the carrying amounts of the Group\u2019s 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.2023 2022 2021In thousands of euro Carrying amount / Fair value (approx.)Financial assetsInvestments at fair value through equity 41,695 37,337 46,680 Trade receivables 208,567 194,643 156,977 Other receivables 14,458 14,509 16,211 Loan and other receivables 10,137 11,971 15,152 Interest receivable - 1 4 Currency rate swap 4,185 2,187 1,055 Interest rate swap 136 350 -Other non-current assets 4,335 5,819 6,849 Short term investments 4,670 1,651 2,763 Cash and cash equivalents 286,077 305,915 351,571 Total 559,802 559,874 581,051 Financial liabilitiesFinancial debts 14,000 16,000 18,000 Floating rate borrowings 7,013 8,288 9,563 Fixed rate borrowings 6,988 7,713 8,438 Other long-term liabilities 54,374 44,524 48,860 Short-term debts 5,095 - - Trade payables 89,350 121,920 113,979 Other current liabilities 7,034 5,412 5,036 Other short term amounts payable 1,293 750 1,206 Dividends payable 2,289 2,289 2,289 Currency rate swap 3,452 2,373 859 Interest rate swap - - 682 Total 169,853 187,856 185,875 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:\u2022 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.\u2022 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 remea-surement at fair value per 31 December 2023 versus the carrying amount is reflected in other comprehensive income.\u2022 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 2023, the carrying amounts of such receivables, net of allowances, are assumed not to be materially different from their calculated fair values.\u2022 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 2023, the effective interest rate is not materially different from the nominal interest rate of the financial obligation. \u2022 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.Fair value hierarchyAs at 31 December 2023, the Group held the following financial instruments measured at fair value:In thousands of euro 2023 2022 2021Assets measured at fair valueFinancial assets at fair value through profit or loss Foreign exchange contracts - non-hedged 4,185 2,187 1,055 Financial assets at fair value through equity Investments 41,695 37,337 46,680 Interest rate swap 136 350 -Liabilities measured at fair valueFinancial liabilities at fair value through profit or loss Foreign exchange contracts - non-hedged 3,452 2,373 859Financial liabilities at fair value through equity Interest rate swap - - 682The 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.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 2023, there were no transfers between Level 1 and Level 2 fair value measurements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__325": {
"value": "Capital ManagementManagement evaluates its capital needs based on following data:In thousands of euro Note 2023 2022 2021Net financial cash / (debt) 14 241,147 264,014 309,750Equity 811,295 778,981 734,814% Net financial cash (debt) / Equity 29.7% 33.9% 42.2%In thousands of euro 2023 2022 2021Equity 811,295 778,981 734,814Total equity and liabilities 1,159,415 1,147,405 1,104,249% Equity / Total equity and liabilities 70.0% 67.9% 66.5%In 2023, the net cash position ended at a level of 241 million euro compared to 264 million euro as per end of 2022. We refer to note 14 for the details on the movement.The solvency position and other current ratios continue to consolidate at very 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__327": {
"value": "21. Rights and commitments not reflected in the balance sheetIn thousands of euro Note 2023 2022 2021Guarantees given to third parties (a) 3,9263,594 3,474Mortgage obligations given as security (b) 30,000 30,000 30,000 Book value of the relevant assets 25,950 29,539 33,029(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 2021 is due to depreciation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__326": {
"value": "21. Rights and commitments not reflected in the balance sheetIn thousands of euro Note 2023 2022 2021Guarantees given to third parties (a) 3,9263,594 3,474Mortgage obligations given as security (b) 30,000 30,000 30,000 Book value of the relevant assets 25,950 29,539 33,029(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 2021 is due to depreciation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__331": {
"value": "We refer to the \u2018Corporate Governance Chapter\u2019 for informa-tion with respect to remuneration of directors and members of the core leadership team.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__332": {
"value": "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 2023, remuneration approved by the Audit Committee to the statutory auditor for auditing activities amounted to 294.124 euro. Remuneration paid to the statutory auditor for special assignments was 59.165 euro.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__328-1": {
"value": "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\u2019s length basis based on Barco\u2019s worldwide transfer pricing policies. Where appropriate, the arm\u2019s 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, \u2018Related party disclosures\u2019. We refer to note 1 Consolidated companies for an overview of the consolidated and equity accounted companies.We refer to the \u2018Corporate Governance Chapter\u2019 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 2023, remuneration approved by the Audit Committee to the statutory auditor for auditing activities amounted to 294.124 euro. Remuneration paid to the statutory auditor for special assignments was 59.165 euro.Barco NVparent company, Barco NV",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__333": {
"value": "Supplementary statementsFree Cash FlowIn thousands of euro 2023 2022 2021Adjusted EBIT 102,106 90,143 19,373Restructuring -6,849 -1,211 -8,204Depreciations of tangible and intangible fixed assets 40,390 36,331 39,136Gain/(Loss) on tangible fixed assets 119 -1,621 196Share in the profit/(loss) of joint ventures and associates 2,539 3,337 48Gross operating Free Cash Flow 138,305 126,979 50,549 Changes in trade receivables -18,320 -35,615 -4,918Changes in inventory 9,579 -70,161 4,432Changes in trade payables -30,306 7,425 42,825Other changes in net working capital 1,551 2,823 13,195Change in net working capital -37,496 -95,528 55,534Net operating Free Cash Flow 100,809 31,451 106,083Interest received 6,514 2,773 713Interest paid -1,830 -1,930 -1,823Income taxes -13,343 -6,042 -8,386Free Cash flow from operating activities 92,150 26,252 96,587Purchases of tangible & intangible FA -54,408 -21,218 -18,787Proceeds on disposals of tangible & intangible fixed assets 209 8,038 183Free Cash flow from investing activities -54,199 -1 3,180 -18,604FREE CASH FLOW 37,951 13,072 77,983In 2023 the Company generated 38 million euro positive free cash flow, up from 13.1 million euro last year. The net oper-ating cash flow realized reached 101 million euro versus 31.5 million euro in 2022. The higher gross operating cash flow was reduced by higher trade receivables, linked to high sales at the end of the year and lower trade payables, as a result of a break on purchases in order to reduce inventory. Inventories were build up in 2022, as a response to component shortages, supply chain challenges and inflation.Capital expenditure more than doubled to 54.4 million euro, linked to investments in the new factories in China and in financing Cinema-as-a-Service business model. At the end of December 2023, Barco\u2019s net cash position reaches 241.1 million euro, compared to 264 million euro last year (2021: 309.8 million euro). The decrease versus last year is attributable to dividend payments, the share buyback program and negative currency translation impacts, partially offset by the cash in from the free cash flow and the sale of minority investments. We refer to note 14, note 16 and note 11 for more explanation.Balance SheetNet working capital amounted to 16.6% of sales, up from 14.3% of sales in 2022. Higher trade receivables contributed to the increase in working capital, mainly due to strong year-end sales, for which cash will be collected in 2024. Inventory remained at a high level throughout the year but started to decrease over the course of the second half of the year. Trade payables reduced year-over-year, in line with lower component purchases, in response to high inventories. In 2022 the net working capital increased to 14.3% of sales compared to 5.8% in 2021.The increase in working capital was 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 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.Return on Operating Capital EmployedIn thousands of euro Note 2023 2022 2021Trade debtors 208,567 194,643 156,977Inventory 231,521 245,714 175,496Trade payables -89,350 -121,920 -113,979Other working capital -175,905 -168,014 -171,695Working capital 174,832 150,423 46,799Other long term assets & liabilities 218,916 194,119 204,646Operating capital employed 393,749 344,543 251,445Goodwill 105,612 105,612 105,612Operating capital employed (incl goodwill) 499,360 450,155 357,056Adjusted EBIT 102,106 90,143 19,373 Adjusted ROCE after tax (%) (a) 17% 16% 4% (a) Tax rate used is the effective tax rate (18% for 2023-2021)The return on capital employed increased to 17% in 2023 (2022: 16%, 2021: 4%), thanks to a stronger increase in operational result compared to the increase in capital employed.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__336": {
"value": "Barco NV",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__335": {
"value": "Barco NV",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__334": {
"value": "NV",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__337": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__338": {
"value": "DividendBarco\u2019s Board of Directors will propose to the General Assembly to distribute a gross dividend of 0.48 euro per share, up 0.04 euro versus last year\u2019s dividend of 0.44 euro.Dividend policyThe 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\u2019s 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__339": {
"value": "0.48",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"s10_notes__8__340": {
"value": "0.44",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:549300N17QCD827TII61",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"s10_notes__7__344": {
"value": "Beneluxpark 218500 Kortrijk \u2013 Belgium",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__341": {
"value": "Beneluxpark 218500 Kortrijk \u2013 BelgiumTel.: +32 (0)56 23 32 11",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__342": {
"value": "President Kennedypark 358500 Kortrijk \u2013 Belgium",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__7__343": {
"value": "Barco",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300N17QCD827TII61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}