|
| Revenues from sales, rentals and service |
775.4 |
679,3 |
1,472.6 |
1,285.0 |
| Interest from financial leases |
28.3 |
24.3 |
54.9 |
48.2 |
| Total revenues |
803.7 |
703.6 |
1,527.5 |
1,333.2 |
| Cost of sales, rentals and service |
461.9 |
402.2 |
878.2 |
756.0 |
| Gross margin |
341.8 |
301.4 |
649.3 |
577.2 |
| Operating expenses |
270.7 |
235.5 |
516.7 |
455.7 |
| Operating income |
71.1 |
65.9 |
132.6 |
121.5 |
| Financial expense (net) |
13.9 |
15.6 |
29.0 |
30.8 |
| Income before income taxes, equity in income of unconsolidated companies and minority interests |
57.2 |
50.3 |
103.6 |
90.7 |
| Income taxes |
16.3 |
14.5 |
29.8 |
26.1 |
| Income before equity in income of unconsolidated companies and minority interests |
40.9 |
35.8 |
73.8 |
64.6 |
| Equity in income of unconsolidated companies |
0.1 |
0.1 |
- |
0.2 |
| Income before minority interests |
41.0 |
35.9 |
73.8 |
64.8 |
| Minority interests in net income of subsidiaries |
0.9 |
0.7 |
1.4 |
1.3 |
| Net income |
40.1 |
35.2 |
72.4 |
63.5 |
| Dividend preference shares |
0.9 |
0.9 |
1.8 |
1.8 |
| Net income attributable to holders of ordinary shares |
39.2 |
34.3 |
70.6 |
61.7 |
| Cash flow |
89.4 |
80.8 |
169.7 |
152.2 |
| Average number of outstanding ordinary shares (weighted x 1,000) |
84,052 |
82,903 |
83,676 |
82,832 |
| |
|
|
|
|
| Per ordinary share in euro |
2000 |
1999 |
2000 |
1999 |
| Net income |
0.47 |
0.41 |
0.84 |
0.74 |
| Cash flow |
1.05 |
0.96 |
2.01 |
1.82 |
| Fixed assets |
1,394.3 |
1,357.3 |
| Current assets |
1,663.9 |
1,558.8 |
| Total assets |
3,058.2 |
2,916.1 |
| |
|
|
| Group equity |
964.4 |
860.1 |
| Long term liabilities |
1,284.6 |
1,164.6 |
| Short term liabilities |
809.2 |
891.4 |
| Liabilities and shareholders' equity |
3,058.2 |
2,916.1 |
Océ N.V., the Dutch based supplier of digital document systems and services, closed the first six months of the 2000 financial year with an increase of 15% in revenues and an increase of 14% in net income. Revenues rose to 1,527 million euro (1999: 1,333 million euro). Autonomous growth amounted to 5%, exchange rate effects (especially the American dollar) amounted to 8% and acquisitions contributed a growth of 2% in revenues.
Net income rose to 72.4 million euro (1999: 63.5 million euro). Income per ordinary share amounted to 0.84 euro, an increase of 13% compared to the first six months of 1999.
"The development in revenues and net income demonstrates that the company's strategy is bearing fruit. The development of our portfolio of digital products and services is on track", said Mr. R.L. van Iperen, Chairman of the Board of Executive Directors of Océ. "The results for the first six months of the 2000 financial year confirm the positive expectations that we announced earlier. Our focus on ongoing product development, for both hardware and software, the investments in promising growth markets and the strengthening of our software development and service organisation are stimulating the growth."
Second quarter 2000
Second quarter revenues increased by 14% to 804 million euro (1999: 704 million euro). Autonomous growth amounted to 5%, exchange rate effects amounted to 7% and acquisitions yielded a growth of 2%. Software and services in all market segments contributed strongly to this growth.
In Wide Format Printing Systems revenues rose by 16% to 224 million euro (1999: 194 million euro). Autonomous growth amounted to 2%, exchange rate effects amounted to 8% and acquisitions to 6%.
In Document Printing Systems revenues increased by 10% to 388 million euro (1999: 353 million euro). Autonomous growth amounted to 4% and exchange rate effects to 6%.
In Production Printing Systems revenues went up by 22% to 192 million euro (1999: 157 million euro). Autonomous growth amounted to 10%, exchange rate effects to 8% and acquisitions to 4%.
Operating income increased by 8% to 71.1 million euro (1999: 65.9 million euro).
Financial expense (net) decreased to 13.9 million euro (1999: 15.6 million euro).
Net income rose by 14% to 40.1 million euro and amounted to 5% of revenues (1999: 35.2 million euro and also 5% of revenues).
Net income attributable to holders of ordinary shares increased by 14.4% to 39.2 million euro (1999: 34.3 million euro).
Cash flow (net income plus depreciation) increased to 89.4 million euro (1999: 80.8 million euro).
Based on the weighted average number of ordinary shares outstanding of 0.50 nominal each, net income rose by 12.8% to 0.47 euro (1999: 0.41 euro) and cash flow by 9.2% to 1.05 euro (1999: 0.96 euro).
First six months 2000
Revenues in Wide Format Printing Systems increased during the first six months by 15% to 419 million euro (1999: 363 million euro). Of this increase, 2% was autonomous, 8% was caused by exchange rate changes and 5% was due to acquisitions. Revenues in the growth markets for Display Graphics, Software and Professional Services grew very strongly, though volumes in these markets are still low.
In Document Printing Systems revenues went up by 11% to 746 million euro (1999: 671 million euro). Autonomous growth amounted to 5% and exchange rate changes had a positive effect of 6%. Facility Services also showed strong growth. Revenues in analogue black/white copying decreased further, but declined less than the overall market.
In Production Printing Systems revenues increased by 21% to 363 million euro (1999: 299 million euro). Autonomous growth amounted to 11%. Exchange rate changes had a positive influence of 8% and acquisitions contributed 2%. Besides the growth in revenues from high volume printing machines, service and software, the Printing & Publishing activities got off to a good start in a number of countries.
Operating income rose by 9.1% to 132.6 million euro (1999: 121.5 million euro).
Financial expense (net) decreased by 5.9% to 29.0 million euro (1999: 30.8 million euro).
Net income increased by 14% to 72.4 million euro and amounted to 4.7% of revenues (1999: 63.5 million euro and 4.8% of revenues).
Net income attributable to holders of ordinary shares went up by 14.5% to 70.6 million euro (1999: 61.7 million euro).
Cash flow (net income plus depreciation) increased to 169.7 million euro (1999: 152.2 million euro).
Based on the weighted average number of ordinary shares outstanding of 0.50 nominal each, net income amounted to 0.84 euro (1999: 0.74 euro) and cash flow to 2.01 euro (1999: 1.82 euro).
Balance sheet
The balance sheet total increased during the first half of 2000 by about 140 million euro. Some 100 million euro is the result of exchange rate effects. At the end of May Group Equity amounted to 964 million euro, which is equivalent to 32% of the balance sheet total. This rise of 104 million euro in Group Equity since November 30, 1999 is chiefly the result of net income ( 72 million euro) and exchange rate effects ( 28 million euro).
Prospects
The growth in the results during the first half year confirms the previously announced expectation that revenues and income of Océ will continue to develop positively in 2000.
Océ N.V.
July 6, 2000 |
