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aligned dialogue with different sets of stakeholders, to present a more balanced set of KPIs and to prepare our company for upcoming regulatory standards. New format The 2020 report also provides ele- ments and reporting principles recom-
mended by the International Integrated Reporting Council (IIRC) including the introduction of a new Value Creation Model based on the 6 Value Capitals. As such it responds and anticipates to the latest regulations and directives on financial and non-financial data, remuneration and risks.
Barco financial highlights
Sales for the year were € 770 million, down 29%, reflecting the COVID-19 pandemic impacts on our end-mar- kets across all regions.
Gross profit margin for the year de- clined 3 percentage points to 37% mainly due to unfavourable product mix. As operating expenses for 2020 were managed down to 20% below 2019, while sustaining investments in priority projects, EBITDA amount- ed to 54 million euro for a 7% EBIT-
of 15 million euro.
Free cash flow for 2020 was -36 mil- lion euro, reflecting lower EBITDA, cash-outlays associated with the re- structuring actions and higher working capital compared to 2019. Working capital improved in second half versus first half, with a second half free cash flow of +15 million euro.
Despite the COVID-19 impact, Barco continued to invest in strategic and commercial initiatives, including next
ered on its sustainability targets: the operations carbon footprint as well as the product energy footprint were re- duced by more than the stated goals of -20% and -25% versus the 2015 baseline, and multiple new products with the Barco ECO label rating were launched in each division. Outlook 1H21
The following statements are forward looking, and actual results may dif- fer materially. Management expects business conditions to be defined by the pandemic for at least the first half of the year and therefore does not have visibility to offer quantita- tive guidance for 2021 at this time. If we assume a recovery for Enter- tainment only to start in the second half, a steady dynamic in Healthcare and a stronger back-to-office activ- ity leading to improved demand for ClickShare as of the second quarter, then top line for the first semester will move toward the first half of last year. Under this assumption, and given the reset of Barco’s cost struc- ture, management expects a mid- plus single digit EBITDA margin for the first half of 2021.
This new approach reduces complex- ity and makes it possible to present the data in a more dynamic and visual way. The report also connects smooth- ly with additional information such as videos, press releases or whitepapers. The full report can be found here:
https://ir.barco.com/2020.
Stronger back-to-office activity will lead to improved demand for ClickShare as of the second quarter of 2021.
DA margin.
Over the second half the company continued to execute on its plan to reset indirect costs for 2021 to levels below 2019, resulting in a full year restructuring and impairment charge
generation technologies, channel ex- pansion and building out its China presence. This positions the company to strengthen its leadership when mar- kets recover. Additionally, for 2020, Barco deliv-
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