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Download the full report
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Conference call |
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Audio webcast of conference call by Mr Rokus van Iperen (CEO) and Mr Jan van den Belt (CFO)
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| Video interview
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Summary*
Océ sells more printers despite lower than expected demand in some submarkets.
Results first quarter 2008*
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| 2008 |
2007 |
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| Total revenues |
702.2 |
729.2 |
-3.7% |
| EBITDA |
77.8 |
71.6 |
8.7% |
| Operating income (EBIT) |
32.1 |
21.3 |
50.6% |
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Net income
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21.3 |
12.2 |
74.7% |
In € per share
EBITDA |
0.92 |
0.85 |
7.7% |
Net income attributable to holders of
ordinary shares |
0.24 |
0.13 |
80.4% |
* The figures in this report are unaudited.
Highlights:
- First quarter revenues grow organically by 1.3%; excluding fax by 1.8%
- Revenues from sales of printers up organically by 5.9%, partly thanks to partnerships
- Recurring revenues lag behind because of economic situation in US
- Gross margin decreases to 38.5% [2007: 39.4%]
- Operating income is € 32.1 million, excluding one-off items € 17.5 million
- Extra cost reduction of € 50 million to € 80 million in 2008
Comments by Rokus van Iperen, chairman of the Board of Executive Directors:
‘In the first quarter two significant developments occurred:
Firstly, revenues from the sale of printers increased organically by 6%, partly due to our successful partnerships. On the back of this good sales performance Océ has gained market share in the wide format, color and high volume cutsheet printing. Especially in Asia we achieved excellent growth, whilst sales also increased in Europe.
Secondly, we felt the effects of recent economic developments. Especially in the financial sector the purchase of new very high volume printers was postponed. Océ traditionally holds a strong position in this sector. There was also a decrease in printing volume at banks and in the construction sector, particularly in the United States, which meant that revenues from maintenance, toner and media lagged behind those of the previous year.
In 2007 Océ successfully started the implementation of the Strategic Plan 2007-2010. We are continuing to invest in expanding our distribution power and developing competitive products. In addition we are intensifying the co-operation with our partners both in distribution and in product development. Due to the economic uncertainty additional measures are taken to reduce costs further. The aim for total 2008 is to realize an extra cost reduction of € 30 million to a total of € 80 million.’
Disclaimer
Océ N.V.
3 April 2008
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