| Revenues from sales, rentals and service |
745.2 |
697.6 |
| Interest from financial leases |
30.4 |
26.2 |
| Total revenues |
775.6 |
723.8 |
| Cost of sales, rentals and service |
460.0 |
416.3 |
| Gross margin |
315.6 |
307.5 |
| Operating expenses |
257.0 |
246.0 |
| Operating income |
58.6 |
61.5 |
| Financial expense (net) |
17.2 |
15.1 |
| Income before income taxes, equity in income of unconsolidated companies and minority interests |
41.4 |
46.4 |
| Income taxes |
12.7 |
13.5 |
| Income before equity in income of unconsolidated companies and minority interests |
28.7 |
32.9 |
| Equity in income of unconsolidated companies |
- |
- |
| Income before minority interests |
28.7 |
32.9 |
| Minority interests in net income of subsidiaries |
0.6 |
0.6 |
| Net income |
28.1 |
32.3 |
| Net income attributable to holders of ordinary shares |
27.2 |
31.4 |
| Cash flow |
74.5 |
80.4 |
| EBITDA |
105.0 |
109.6 |
| Average number of outstanding ordinary shares (x 1,000) |
85,573 |
83,300 |
| |
|
|
| Per ordinary share in euro |
2001 |
2000 |
| Net income |
0.32 |
0.38 |
| Cash flow |
0.86 |
0.95 |
Results first quarter financial year 2001
First quarter revenues rose by 7% to euro 776 million. Autonomous growth in the quarter amounted to 3%.
Due to economic developments, sales of machines were lower than in the previous year. This decrease was more than offset by higher revenues from software and services (including Facility Services). This reduced the gross margin percentage; despite this, the margin increased by 2.6% in absolute terms.
Operating expenses went up by 4.5%.
Operating income in the first quarter decreased by 4.7% compared to the corresponding period of 2000.
Excluding the impact of start-up and launch costs of the new products, operating income would have increased by 5%.
In Wide Format Printing Systems revenues went up by 8% to euro 210 million (2000: euro 195 million). Exchange rates had a positive effect of 4%. Autonomous growth, amounting to 4%, stems from the Océ 9600 mid-volume to high-volume printer and from earnings from service and software. The introduction of the new machines was successful, and the contribution of these products to revenues will gradually start to show through.
Revenues in Document Printing Systems increased by 4% to euro 374 million (2000: euro 358 million). Autonomous growth amounted to 1%. Sales of machines, both in Europe and in the United States, are lagging behind those of last year. Market shipments of the new products will move ahead further during the second quarter and the effects should make themselves felt from the third quarter onwards.
In Production Printing Systems revenues went up by 12% to euro 192 million (2000: euro 171 million), of which 4% was provided by autonomous growth. Revenues developed well in both Electronic Production Printing and Printing and Publishing. Earnings from service and software made a higher contribution to overall revenues.
As regards orders for machines there has been a slowdown in recent months.
Due to the increase in financial expense and a higher effective tax rate net income was down by 12.9% compared to the previous year. If the figures were adjusted to take into account the additional start-up and launch costs, net income would have been at the same level as in the first quarter of last year.
Net income amounted to 3.6% of revenues (2000: 4.5%).
Cash flow (net income plus depreciation) amounted to euro 74 million (2000: euro 80 million).
Based on the average number of ordinary shares outstanding of euro 0.50 each, net income amounted to euro 0.32 (2000: euro 0.38) and cash flow was euro 0.86 (2000: euro 0.95).
Prospects
Given the economic circumstances, revenues and margins are likely to develop along similar lines during the second quarter, whilst the planned costs for new product launches will also be higher than last year. Because of these developments income for the second quarter will likewise be lower than in the previous year. As from the third quarter of 2001 operating income and net income are expected to show an upward trend again thanks to the contribution by the new machines.
Certainly in view of the economic uncertainties it is difficult to give an exact income forecast for the full 2001 financial year. As a result, the income forecast announced earlier has been adjusted. If economic circumstances do not worsen further, the level of income for the 2001 financial year is expected to be equal to that of 2000.
Océ N.V.
April 6, 2001
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