| Revenues from sales, rentals and service |
754.5 |
667.9 |
2,227.1 |
1,952.9 |
| Interest from financial leases |
29.0 |
25.5 |
83.9 |
73.7 |
| Total revenues |
783.5 |
693.4 |
2,311.0 |
2,026.6 |
| Cost of sales, rentals and service |
458.0 |
397.8 |
1,336.2 |
1,153.8 |
| Gross margin |
325.5 |
295.6 |
974.8 |
872.8 |
| Operating expenses |
266.5 |
246.3 |
783.2 |
702.0 |
| Operating income |
59.0 |
49.3 |
191.6 |
170.8 |
| Financial expense (net) |
15.1 |
14.4 |
44.1 |
45.2 |
| Income before income taxes, equity in income of unconsolidated companies and minority interests |
43.9 |
34.9 |
147.5 |
125.6 |
| Income taxes |
13.3 |
10.1 |
43.0 |
36.2 |
| Income before equity in income of unconsolidated companies and minority interests |
30.6 |
24.8 |
104.5 |
89.4 |
| Equity in income of unconsolidated companies |
0.1 |
0.1 |
0.1 |
0.3 |
| Income before minority interests |
30.7 |
24.9 |
104.6 |
89.7 |
| Minority interests in net income of subsidiaries |
0.8 |
0.7 |
2.3 |
2.0 |
| Net income |
29.9 |
24.2 |
102.3 |
87.7 |
| Dividend preference shares |
0.9 |
0.9 |
2.7 |
2.7 |
| Net income attributable to holders of ordinary shares |
29.0 |
23.3 |
99.6 |
85.0 |
| Cash flow |
77.8 |
71.6 |
247.5 |
223.7 |
| Average number of outstanding ordinary shares (weighted x 1,000) |
84,995 |
83,476 |
84,116 |
83,047 |
| |
|
|
|
|
| Per ordinary share in euro |
2000 |
1999 |
2000 |
1999 |
| Net income |
0.34 |
0.28 |
1.18 |
1.02 |
| Cash flow |
0.90 |
0.86 |
2.91 |
2.69 |
Océ N.V., the Dutch based supplier of digital document systems and services, closed the nine months of the 2000 financial year with an increase of 14% in revenues and an increase of 17% in net income.
Revenues rose to euro 2,311 million (1999: euro 2,027 million). Autonomous growth amounted to 5%, exchange rate effects (especially the American dollar) contributed 7% and acquisitions yielded a growth of 2% in revenues.
Net income went up to euro 102 million (1999: euro 88 million), an increase of 17%. Income per ordinary share amounted to euro 1.18, an increase of 16% compared to the first nine months of 1999.
"As expected, revenues and income continued to develop positively during the third quarter. Aided by a broad digital product range and expanded services, Océ has been able to continue its growth in all market segments", said Mr. R.L. van Iperen, Chairman of the Board of Executive Directors of Océ N.V. "In the course of next year growth is expected to be further boosted by the earlier announced new product launches, both in hardware and software".
Third quarter 2000
Third quarter revenues went up by 13% to euro 784 million (1999: euro 693 million). Autonomous growth amounted to 5%, exchange rate effects had a positive influence of 6% and acquisitions accounted for 2%. Service, software and facility services contributed strongly to this growth.
In Wide Format Printing Systems revenues rose by 14% to euro 221 million (1999: euro 194 million). Autonomous growth amounted to 5%, exchange rate effects amounted to 7% and acquisitions to 2%. Third quarter autonomous growth in revenues was significantly higher than in the preceding quarters. The Océ 9600 mid volume printer/copier made a substantial contribution to this growth.
In Document Printing Systems revenues increased by 12% to euro 379 million (1999: euro 337 million). Autonomous growth amounted to 7% and exchange rate effects amounted to 5%. Particularly revenues from rentals, service, software and interest from financial leases showed a strong increase.
In Production Printing Systems revenues went up by 14% tot euro 184 million (1999: euro 162 million). Autonomous growth amounted to 1%. Exchange rate effects contributed 7% and acquisitions 6%. Lower machine shipments during the quarter reduced the rate of autonomous growth from prior quarterly levels. At the same time, a good order portfolio has been built up for delivery in the fourth quarter. We therefore expect the growth in revenues to pick up again during the fourth quarter.
Operating income increased by 20% to euro 59.0 million (1999: euro 49.3 million). This increase, which was favourably influenced by autonomous growth and exchange rate changes, exceeded the growth in revenues.
Net income increased by 23% to euro 29.9 million and amounted to 3.8% of revenues (1999: euro 24.2 million and 3.5% of revenues).
Net income attributable to holders of ordinary shares increased by 24% to euro 29.0 million (1999: euro 23.3 million). Cash flow (net income plus depreciation) rose to euro 77.8 million (1999: euro 71.6 million).
Based on the weighted average number of ordinary shares outstanding of euro 0.50 nominal each, net income rose by 21.9% to euro 0.34 (1999: euro 0.28) and cash flow by 5.5% to euro 0.90 (1999: euro 0.86).
Nine months 2000
In Wide Format Printing Systems nine month revenues increased by 15% to euro 640 million (1999: euro 557 million). Of this increase, 3% was autonomous, 8% was caused by exchange rate changes and 4% was due to acquisitions. Whilst machine revenues remained virtually constant, service and software revenues showed a strong growth, partly because of the increased population of machines.
Document Printing Systems revenues rose by 11% to euro 1,124 million (1999: euro 1,009 million). Autonomous growth amounted to 5% and exchange rate effects to 6%. Facility Services also showed strong growth. Revenues of analogue black/white copying decreased, whilst revenues of digital printing/copying and digital services increased further.
In Production Printing Systems revenues increased by 19% to euro 547 million (1999: euro 461 million). Autonomous growth amounted to 7%. Exchange rate effects had a positive influence of 8% with acquisitions contributing 4%. Both the revenues of machines and the revenues from technical and professional services developed positively during the nine months.
Operating income rose by 12% to euro 191.6 million (1999: euro 170.8 million).
Financial expense (net) decreased by 3% to euro 44.1 million (1999: euro 45.2 million).
Net income increased by 17% to euro 102.3 million and amounted to 4.4% of revenues (1999: euro 87.7 million and 4.3% of revenues).
Net income attributable to holders of ordinary shares rose by 17% to euro 99.6 million (1999: euro 85.0 million).
Cash flow (net income plus depreciation) increased to euro 247 million (1999: euro 224 million).
Based on the weighted average number of ordinary shares outstanding of euro 0.50 nominal each, net income rose by 15.6% to euro 1.18 (1999: euro 1.02) and cash flow by 8.0% to euro 2.91 (1999: euro 2.69).
Prospects
We expect that revenues and net income will also develop positively during the remainder of the year.
Interim dividend
In respect of the 2000 financial year an unchanged interim dividend of euro 0.15 will be distributed. The interim dividend will be made available at the option of shareholders either entirely in cash or, alternatively, entirely in shares charged to the paid-in capital. The interim stock dividend will be fixed on October 19, 2000 (after close of stock exchange trading) and will be subject to a discount of at most 5% as compared to the cash dividend. The interim dividend will become available for payment on October 24, 2000.
Océ N.V.
October 5, 2000 |
