| Revenues from sales, rentals and service |
605.7 |
603.1 |
| Interest from financial leases |
23.9 |
21.9 |
| Total revenues |
629.6 |
625.0 |
| Cost of sales, rentals and service |
353.7 |
361.8 |
| Gross margin |
275.9 |
263.2 |
| Operating expenses |
220.3 |
211.4 |
| Operating income |
55.6 |
51.8 |
| Financial expense (net) |
15.2 |
15.4 |
| Income before income taxes, equity in income of unconsolidated companies and minority interests |
40.4 |
36.4 |
| Income taxes |
11.6 |
10.7 |
| Income before equity in income of unconsolidated companies and minority interests |
28.8 |
25.7 |
| Equity in income of unconsolidated companies |
0.1 |
- |
| Income before minority interests |
28.9 |
25.7 |
| Minority interests in net income of subsidiaries |
0.7 |
0.5 |
| Net income |
28.2 |
25.2 |
| Dividend preference shares |
0.9 |
0.9 |
| Net income attributable to holders of ordinary shares |
27.3 |
24.3 |
| Cash flow |
71.4 |
66.0 |
| Average number of outstanding ordinary shares (x 1,000) |
82,761 |
81,237 |
| |
|
|
| Per ordinary share in euro |
1999 |
1998 |
| Net income |
0.33 |
0.30 |
| Cash flow |
0.86 |
0.81 |
Results first quarter 1999
The first quarter 1999 net income of Océ N.V. amounted to 28.2 million euro, an increase of 12%. Per ordinary share, net income amounted to 0.33 euro, an increase of 11%. First quarter revenues rose by 1% to 630 million euro. Autonomous growth in revenues amounted to 4% and exchange rate effects (particularly the American dollar) influenced revenues negatively by 3%.
In Wide Format Printing Systems (formerly named Engineering Systems) revenues decreased by 5% to 170 million euro (1998: 180 million euro), 3% of which was due to negative exchange rate effects. Autonomous revenues decreased by 2%. Demand for machines and supplies lagged behind during the first quarter. Revenues from service and software developed favourably in line with the increased population of digital printers/copiers. In the course of the second quarter deliveries of the Océ 9600 mid-volume printer/copier will start. This copier/printer is positioned between the Océ 9700 and the Océ 9400. The Océ 9600 is expected to contribute to revenues and income in the second half of 1999.
In Document Printing Systems (formerly named Office Systems) revenues increased by 2% to 295 million euro (1998: 289 million euro). Exchange rates had a negative effect of 3%. Revenues of analogue copiers decreased in line with market developments Autonomous growth amounted to 5%. This autonomous growth was particularly stimulated by the high volume network copier/printer Océ 3165 and the colour copiers.
In Production Printing Systems (formerly named Printing Systems) revenues rose by 6% to 165 million euro (1998: 156 million euro). The influence of exchange rate effects was 3% negative. Autonomous growth thus amounted to 9%. The number of placements as well as the revenues from service and software developed excellently.
Operating income increased by 7.4% to 55.6 million euro (1998: 51.8 million euro). This increase clearly exceeded the growth of revenues that stemmed from improved margins, which were due to the increasing share of digital revenues and service income in total revenues.
Financial expense (net) amounted to 15 million euro and remained practically unchanged.
Net income rose by 12% to 28.2 million euro and amounted to 4.5% of revenues (1998: 25.2 million euro and 4.0% of revenues).
Cash flow (net income plus depreciation) increased to 71 million euro (1998: 66 million euro).
Based on the average number of shares outstanding of NLG 1 nominal, net income amounted to 0.33 euro (1998: 0.30 euro) and cash flow to 0.86 euro (1998: 0.81 euro).
Resolutions at Annual General Meeting of Shareholders
At today's Annual General Meeting of Shareholders of Océ N.V. the proposal to alter the Articles of Association was adopted, as a result of which the nominal value of the ordinary and financing preference shares of Océ will be changed from NLG 1 to 0.50 euro (redenominaton). The rounding up of the nominal value of the shares will be charged to the share premium reserve. The ordinary shares of nominal 0.50 euro will be listed on the AEX Stock Exchange in Amsterdam with effect from 19th April 1999.
Mr. H.B. van Liemt and Mr. M. Ververs were reappointed as Supervisory Directors.
The dividend for the 1998 financial year was fixed at NLG 1.10 (0.50 euro) (1997: NLG 0.93) per NLG 1 ordinary share; this means a final dividend of NLG 0.77 (0.35 euro). The final dividend will be available optionally either fully in cash, or fully in shares of nominal 0.50 euro, charged to the share premium reserve (which is tax-free in the Netherlands) or, if desired, charged to the profit over 1998. The final dividend will be payable and the shares (of nominal 0.50 euro) will be deliverable as from 6th May 1999.
Océ N.V.
8th April 1999 |
