| Revenues from sales,rentals and service |
697.6 |
605.7 |
| Interest from financial leases |
26.2 |
23.9 |
| Total revenues |
723.8 |
629.6 |
| Cost of sales, rentals and service |
416.3 |
353.7 |
| Gross margin |
307.5 |
275.9 |
| Operating expenses |
246.0 |
220.3 |
| Operating income |
61.5 |
55.6 |
| Financial expense (net) |
15.1 |
15.2 |
| Income before income taxes, equity in income of unconsolidated companies and minority interests |
46.4 |
40.4 |
| Income taxes |
13.5 |
11.6 |
| Income before equity in income of unconsolidated companies and minority interests |
32.9 |
28.8 |
| Equity in income of unconsolidated companies |
- |
0.1 |
| Income before minority interests |
32.9 |
28.9 |
| Minority interests in net income of subsidiaries |
0.6 |
0.7 |
| Net income |
32.3 |
28.2 |
| Dividend preference shares |
0.9 |
0.9 |
| Net income attributable to holders of ordinary shares |
31.4 |
27.3 |
| Cash flow |
80.4 |
71.4 |
| Average number of outstanding ordinary shares (x 1,000) |
83,300 |
82,761 |
| |
|
|
| Per ordinary share in euro |
2000 |
1999 |
| Net income |
0.38 |
0.33 |
| Cash flow |
0.95 |
0.86 |
Results first quarter financial year 2000
Océ N.V., the Dutch based supplier of digital document systems and services, achieved good results in the first quarter of the financial year 2000.
Revenues rose by 15% to 724 million euro. Autonomous growth amounted to 6%. Exchange rate effects (particularly the US dollar) and acquisitions had a positive influence of 7% and 2% respectively on the increase in revenues. Revenues growth was achieved in all three Strategic Business Units.
Net income for the first quarter of the 2000 financial year amounted to 32.3 million euro, an increase of 14%. Income per ordinary share amounted to 0.38 euro, an increase of 14% compared to the 1999 first quarter.
"These results are a clear improvement on last year" concludes Mr. R.L. van Iperen, Chairman of the Board of Executive Directors. "For years Océ is investing large amounts in research and development. This leads to a continual flow of new digital products. In addition, we are investing strongly in building up our position in promising growth markets: Display Graphics, Network Printing, Printing on Demand and Facility Services."
Revenues in Wide Format Printing Systems went up by 15% to 195 million euro (1999: 170 million euro). Autonomous growth amounted to 2%, whilst exchange rates had a positive effect of 8% and acquisitions contributed 5%. Autonomous growth stems in particular from the Océ 9600 mid volume printer/copier. Service and software revenues also developed favourably, in line with the increased population of digital printers/copiers.
In Document Printing Systems revenues rose by 13% to 358 million euro (1999: 318 million euro). Autonomous growth amounted to 6% and exchange rates had a positive effect of 7%. The recovery in revenues growth is mainly due to the strong growth in service and software revenues from the digital printers/copiers that have been placed in the market.
Revenues in Production Printing Systems increased by 21% to 171 million euro(1999: 142 million euro). Autonomous growth amounted to 12% and exchange rates had a positive influence of 8%. Both the number of placements of high volume printers and revenues from service and software developed excellently.
Operating income went up by 11% to 61.5 million euro (1999: 55.6 million euro). This rise lagged slightly behind the increase in revenues due to the lower percentage gross margin.
Financial expense (net) remained practically unchanged at 15 million euro.
Net income rose by 14% to 32.3 million euroand amounted to 4.5% of revenues (1999: 28.2 million euro and likewise 4.5% of revenues).
Cash flow (net income plus depreciation) increased to 80 million euro (1999: 71 million euro).
Based on the weighted average number of ordinary shares outstanding of 0.50 euro nominal each, net income amounted to 0.38 euro (1999: 0.33 euro) and cash flow to 0.95 euro (1999: 0.86 euro).
Prospects
At the beginning of this financial year the expectation was that revenues and income would show limited growth. At the Annual General Meeting of Shareholders held on March 9 last, Mr. Van Iperen announced that the excellent start to the current financial year made him confident about the good development of revenues and income for the remainder of the year.
Océ N.V.
6th April 2000 |
