| Revenues from sales, rentals and service |
881.3 |
785.3 |
3,108.4 |
2,738.3 |
| Interest from financial leases |
31.6 |
26.5 |
115.5 |
100.1 |
| Total revenues |
912.9 |
811.8 |
3,223.9 |
2,838.4 |
| Cost of sales, rentals and service |
538.6 |
469.6 |
1,874.8 |
1,623.4 |
| Gross margin |
374.3 |
342.2 |
1,349.1 |
1,215.0 |
| Operating expenses |
283.5 |
264.9 |
1,066.7 |
966.9 |
| Operating income |
90.8 |
77.3 |
282.4 |
248.1 |
| Financial expense (net) |
16.7 |
13.7 |
60.7 |
59.0 |
| Income before income taxes, equity in income of unconsolidated companies and minority interests |
74.1 |
63.6 |
221.7 |
189.1 |
| Income taxes |
24.1 |
18.8 |
67.2 |
54.9 |
| Income before equity in income of unconsolidated companies and minority interests |
50.0 |
44.8 |
154.5 |
134.2 |
| Equity in income of unconsolidated companies |
0.2 |
0.1 |
0.2 |
0.4 |
| Income before minority interests |
50.2 |
44.9 |
154.7 |
134.6 |
| Minority interests in net income of subsidiaries |
0.7 |
0.7 |
3.0 |
2.7 |
| Net income before exceptional items |
49.5 |
44.2 |
151.7 |
131.9 |
| Exceptional items (net) |
- |
-55.2 |
- |
-55.2 |
| Net income |
49.5 |
-11.0 |
151.7 |
76.7 |
| Net income attributable to holders of ordinary shares |
48.6 |
-11.9 |
148.2 |
73.1 |
| Cash flow |
98.7 |
95.6* |
346.2 |
319.3* |
| Average number of outstanding ordinary shares (weighted x 1,000) |
85,256 |
83,623 |
84,401 |
83,191 |
| |
|
|
|
|
| Per ordinary share in euro |
2000 |
1999* |
2000 |
1999* |
| Net income |
0.57 |
0.52 |
1.76 |
1.54 |
| Cash flow |
1.15 |
1.13 |
4.06 |
3.80 |
* before exceptional items
Today Océ N.V. announced the provisional results for the fourth quarter and the financial year 2000.
The net income of Océ N.V. from ordinary activities in the 2000 financial year amounted to euro 152 million, an increase of 15% compared to 1999. Net income per ordinary share increased by 14% to euro 1.76. Total revenues went up by 14% to euro 3.224 million. Autonomous growth amounted to 4%, exchange rate effects amounted to 8% and acquisitions contributed 2%. Digital machines and the related revenues from software and service now represent 63% of the total machines and service revenues (1999: 60%). "The year 2000 was a turning point in more than one respect", said Mr. R.L. van Iperen, Chairman of the Executive Board of Océ N.V. "Not only did we succeed in reversing the slowdown in results which had become apparent in 1999, but as from the end of 2000 we have also started the market introduction of a series of new hardware and software products. These new products will form the basis for growth in both revenues and income in the years ahead."
Results fourth quarter 2000
Total revenues rose in the fourth quarter by 12% to euro 913 million (1999: euro 812 million). Autonomous growth amounted to 1%. Exchange rate effects and acquisitions had a positive influence of 10% and 1% respectively.
Revenues in Wide Format Printing Systems increased by 16% to euro 262 million (1999: euro 225 million). Autonomous growth in revenues was 4%. The effect of exchange rates amounted to 12%. The growth in revenues was attributable in particular to the success of the Océ 9600. In addition, sales of other digital machines and software continued to move ahead well.
In Document Printing Systems revenues increased by 9% to euro 426 million (1999: euro 390 million). Exchange rate effects contributed 8% to this increase, with autonomous growth accounting for the remainder. Market placements of the successful Océ 3165 series of digital printers/copiers improved considerably on their 1999 level, despite more intensive competition, whereas revenues in the analogue segment declined, as had been expected. Despite the impact that price pressure brought to bear on the entire market, Océ was able to limit the decrease of margins thanks to a number of efficiency improvement projects.
In Production Printing Systems revenues grew by 14% to euro 225 million (1999: euro 197 million). The total revenue increase must be attributed to exchange rate and acquisition effects. As will be known, revenues in Production Printing Systems can fluctuate widely per quarter. At the end of 2000 a good order book has been built up compared to the fourth quarter of 1999.
Operating income increased by 17% to euro 91 million (1999: euro 77 million). Despite higher costs linked to the start-up of a number of new products, operating income therefore grew faster than revenues.
Net income increased by 12% to euro 49 million (1999: euro 44 million before exceptional items) and amounted to 5.4% of revenues (1999: also 5.4%), with cash flow (net income plus depreciation) increasing to euro 99 million (1999: euro 96 million). Based on the weighted average number of ordinary shares outstanding of euro 0.50 nominal each, net income was up by 10% to euro 0.57 (1999: euro 0.52) and cash flow increased by 1% to euro 1.15 (1999: euro 1.13).
Results 2000 financial year
In the market for Wide Format Printing Systems Océ achieved total revenues of euro 901 million (1999: euro 782 million), an increase of 15%. After deduction of acquisitions and exchange rate effects, revenues increased by 3%. Océ maintained its leading position in this market. The revenue growth reflects the good development of sales of software and also of the new Océ 9600 printer/copier. The highly successful Océ 9400 and Océ 9800 printer/copier series will be succeeded in 2001 by the Océ TDS400 and Océ TDS800 respectively - faster machines with greatly enhanced software functionality.
In the market for Document Printing Systems Océ's revenues went up by 11% to euro 1,550 million (1999: euro 1,399 million). Autonomous growth amounted to 4% (1999: 1%). Placements in the digital segment in 2000 were substantially above their 1999 level. The decrease in placements in the analogue segment was not as strong as the decline in the market as a whole. The year 2000 brought the launch of the 100-pages-per-minute digital printer/copier, the Océ DPS400. In high volume environments this machine will give a further significant boost to Océ's market share. Shipments start in the first quarter of 2001. Various software products were also introduced during 2000. The growth in Facility Services amounted to 48%, of which 35% was autonomous.
In the market for Production Printing Systems revenues grew by 17% to euro 773 million, of which 5% was autonomous growth. Océ improved its strong worldwide position in this market. For Production Printing Systems volume growth in the second half of 2000 lagged behind the fast increase achieved in the first six months. Nevertheless an excellent order portfolio had been built up by the end of the year. The growth in Printing-on-Demand was twice the market growth and Océ's participation in this market, though still of modest size, is on the increase. With its software development centres in Namur, Konstanz and Munich (Poing), Production Printing Systems combines printer technology, quality and print speed with the ever more important activity of providing solutions for document flow management.
Operating income rose by 14% to euro 282 million (1999: euro 248 million) and financial expense (net) increased to euro 61 million. The restructuring that was initiated in 1999, which was successfully completed, had a favourable effect on the development of costs. The increase in interest charges was chiefly the result of higher financial expenses in US dollars and not so much to higher borrowings and interest rates. Net income went up by 15% to euro 152 million and amounted to 4.7% of revenues (1999 before exceptional items: euro 132 million and 4.6% of revenues). Cash flow (net income plus depreciation) increased to euro 346 million (1999: euro 319 million). Based on the weighted average number of ordinary shares outstanding of euro 0.50 nominal each, net income increased by 14% to euro 1.76 (1999: euro 1.54) and cash flow increased by 7% to euro 4.06 (1999: euro 3.80).
Dividend
The dividend proposal will be announced on January 30, 2001.
General Meeting of Shareholders
The Annual General Meeting of Shareholders will be held on Wednesday March 7, 2001. The agenda for the meeting will be announced on January 30, 2001.
Prospects
Océ has successfully completed the transition from analogue to digital and has become a leading business as a supplier of integrated document solutions in professional environments. The introduction of new hardware and software products, which commenced at the end of 2000 with the launch of the Océ DPS400 and the Océ TDS400 and Océ TDS800, will form a solid basis for the development of income in the years ahead. Océ expects that the positive development in revenues and income will continue in 2001 despite substantial start-up costs in manufacturing and market introduction of new products.
Océ N.V. January 11, 2001 |
