Quarterly Report • Jul 9, 2009
Quarterly Report
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This report comprises regulated information within the meaning of articles 1:1 and 5:25d of the Dutch Financial Supervision Act (Wet op het financieel toezicht).
The Interim Financial Report as well as other publications such as press releases, presentations, speeches and other items relating to the Interim Financial Report can be accessed via the corporate website (http://www.oce.com).
Océ develops and supplies digital printing systems, software and services for the production, reproduction, distribution and management of documents, in color and black & white, in small format and in wide format, for professional users in offices, educational institutions, industry, construction, architectural firms, advertising and the graphic arts market. Océ is the only European producer of printing systems and a leading supplier of these systems worldwide. The product offerings comprise printers, copiers, scanners, software, services, imaging supplies, services for system integration and outsourcing of document management activities and leasing of printing systems. The broad and very complete product portfolio consists of products developed by the company itself for wide format and for the (very) high volume segments of small format, supplemented by selected machines from Original Equipment Manufacturers (OEMs). Océ supplies its equipment as part of total solutions, ranging from the provision of initial advice through to the maintenance of the systems. Océ's reputation is founded on productivity and reliability, ease of use and a favorable 'total cost of ownership'. Océ is commercially active in around 100 countries; in more than 30 of these it has its own sales and service organization. In Europe, the United States, Canada and Singapore Océ hasresearch and manufacturing facilities. In 2008 Océ, which had over 23,000 employees, achieved revenues of € 2.9 billion.
Business model Océ is active in the entire value chain of printing systems: from development via manufacturing, sales, services and maintenance to the provision of business services and financing. The commercial organization is coordinated by three Strategic Business Units: Digital Document Systems (small format), Wide Format Printing Systems (wide format) and Océ Business Services. In a number of countries and market segments in which Océ itself does not have a sufficiently large market presence, part of the product range is made available via specialized distributors. Through its own Research & Development (R&D), Océ itself develops its basic technologies and the majority of its product concepts. The direct feedback of customer experiences serves as an important source of
inspiration for new products. In the Océ business model cooperation with partners plays a major role in all sorts of fields. These partnerships cover such areas as R&D, manufacturing, sales (OEM), distribution and financing. Sustainability is a constantly present factor in the conduct of the Océ business.
First half of the financial year The company's first half of the financial year runsfrom December 1 to May 31.
Articles of Association The present Articles of Association were confirmed by a notarial deed dated August 22, 2008. Océ N.V. is an international holding company within the meaning of Article 2:153, para. 3b of the Dutch Civil Code.
Foundation, registered office and commercial registry The company was founded in 1877. Its present legal form dates from 1953. The registered office is in Venlo, the Netherlands and the company is registered in the commercial registry of the Chamber of Commerce in Limburg under No. 12002283.
Head office The head office is located in Venlo at St. Urbanusweg 43, P.O. Box 101, 5900 MA Venlo, the Netherlands, telephone (+31) 77 3592222, fax (+31) 77 3544700, e‐mail [email protected], website http://www.oce.com.
P.A.F.W. Elverding, chairman F.J. de Wit, vice‐chairman (until April 23, 2009) G.J.A. van de Aast M. Arentsen A. Baan R.W.A. De Becker (as from June 23, 2009) D.M. Wendt
R.L. van Iperen, chairman H.A. Kerkhoven J.F. Dix (until April 23, 2009) A.H. Schaaf
F.W.T. Kool
| 2009 | 2008 | x € million | |
|---|---|---|---|
| Total revenues | 1,333.7 | 1,406.9 | |
| Change on first half of previous year (%) | ‐ 5.2 | ‐ 6.6 | |
| Change (organically) (%) | ‐ 8.1 | ‐ 0.6 | |
| Non‐recurring (organically) (%) | ‐ 15.2 | ‐ 0.2 | |
| Recurring (organically) (%) | ‐ 5.3 | ‐ 0.7 | |
| Gross margin | 496.5 | 549.8 | |
| As % of total revenues | 37.2 | 39.1 | |
| Operating income (EBIT) | 17.1 | 41.3 | |
| Change on first half of previous year (%) | ‐ 58.6 | ‐ 17.7 | |
| As % of total revenues | 1.3 | 2.9 | |
| Net income | 1.0 | 26.8 | |
| Net income attributable to shareholders | 0.1 | 25.9 | |
| Change on first half of previous year (%) | ‐ 99.6 | ‐ 12.6 | |
| As % of total revenues | 0.0 | 1.8 | |
| Balance sheet total | 2,465.3 | 2,414.3 | |
| Equity attributable to shareholders | 620.0 | 641.2 | |
| Equity | 654.0 | 675.4 | |
| Equity as % of balance sheet total (solvency ratio) | 26.5 | 28.0 | |
| Net Capital Employed | 1,217.9 | 1,243.6 | |
| Return on Capital Employed (RoCE) | 1.4 | 7.0 | |
| Free cash flow (cash flow before financing activities) | ‐ 47.6 | ‐ 106.2 | |
| Financial covenants ratios | |||
| Net debt/EBITDA | 2.42* | 1.89 | |
| EBITDA/interest (net) | 5.73* | 8.13 | |
| Number of employees (in full‐time equivalents) | 22,514 | 23,341 | employees |
| Number of € 0,50 ordinary shares | |||
| Average number outstanding | 84,844,037 | 84,758,290 | shares |
| Per € 0,50 ordinary share | |||
| Net income attributable to shareholders (basic) | ‐ 0.01 | 0.29 | euro |
| Net income attributable to shareholders (diluted) | ‐ 0.01 | 0.29 | euro |
| Equity attributable to shareholders | 6.64 | 6.89 | euro |
* In accordance with the financial covenants, EBITDA and interest (net) are calculated on a last twelve months basis. The financial covenants ratios for 2008 are calculated based on the definitions as per March 2006; the financial covenants ratios for 2009 are calculated based on the amended definitions as per May 2009. Reference is made to page 7.
In the first half of 2009 total revenues amounted to € 1,333.7 million (May 31, 2008: € 1,406.9 million), a decrease of 5.2% compared to the first half of 2008. Excluding exchange rates effects, the decrease was 8.1%. The sale of printing systems (non‐recurring revenues) decreased organically by 15.2%. Revenues from service, inks, toners, media, rental, interest and business services (recurring revenues) decreased organically by 5.3%.
Gross margin The relative gross margin was 37.2% (May 31, 2008: 39.1%). The decrease was mainly the result of negative hedge results, mix effects due to growth of OBS and lower equipment sales and print volumes resulting in underutilization of the supply centers in Venlo and Poing.
Operating expenses Operating expenses as a percentage of total revenues amounted to 35.9% (May 31, 2008: 36.2%).
Operating income The operating income amounted to € 17.1 million (May 31, 2008: € 41.3 million). Operating income as a percentage of total revenues amounted to 1.3% (May 31, 2008: 2.9%).
Finance expenses Finance expenses(net) amounted to € 19.3 million (May 31, 2008: € 17.8 million).
Taxation In the first half of 2009 taxation contributed € 1.2 million to net income (May 31, 2008: € 3.1 million).
Net income Net income for the six months ended May 31, 2009 amounted to € 1.0 million (May 31, 2008: € 26.8 million). Net income per ordinary share attributable to holders of these shares amounted to ‐ € 0.01 (May 31, 2008: € 0.29).
| Quarterly revenues | ||||||
|---|---|---|---|---|---|---|
| x € million | 2009 | 2008 | ||||
| recurring | non‐recurring | total | recurring | non‐recurring | total | |
| First quarter | 489 | 169 | 658 | 503 | 199 | 702 |
| Second quarter | 491 | 185 | 676 | 495 | 210 | 705 |
| First half year | 980 | 354 | 1,334 | 998 | 409 | 1,407 |
Operational Excellence One of the three pillars in Océ's strategy is a continuous improvement of business processes under the Operational Excellence program. The execution of our restructuring effort went according to plan. In the first half of 2009 headcount was reduced by 662 FTEs. The headcount reduction impacts all operating companies and supply centers worldwide. The total cost reductions achieved in 2009 amounted to € 72 million exclusive of volume effects, inflation and restructuring costs. The total related restructuring costs are expected to amount to € 45 million in 2009. Cost saving actions implemented are worldwide salary freezes and cuts, hire freezes, stringent control on out of pocket expenses, delayed investments in IT as well as in property, plant and equipment, temporary shut‐ down of some manufacturing lines and continued short time working.
Normalization items The following items of unusual nature, size or incidence occurred during the six months ended May 31:
| x € million | 2009 | 2008 |
|---|---|---|
| Operating income | 17.1 | 41.3 |
| Result on divestments | ‐ 1.7 | ‐ 20.7 |
| Restructuring costs | 8.4 | 17.1 |
| Benefits DR program | ‐ 4.4 | ‐ |
| Capitalized development | ||
| expenditure | ‐ 11.9 | ‐ |
| Normalized operating income | 7.5 | 37.7 |
Result on divestments In the first half of 2009 Océ realized a one‐off gain of € 1.7 million related to the divestment of the coating and converting activities of Arkwright, Inc. In the first half of 2008 Océ realized a one‐off gain of € 20.7 million related to the divestment of Océ Document Technologies G.m.b.H. These one‐off gains are included in 'Other income (net)' in the Consolidated Income Statement. Reference is made to note (10) to the Consolidated Interim Financial Statements.
Restructuring costs As part of the Operational Excellence program Océ incurred € 8.4 million in restructuring costs in the first half of 2009 (May 31, 2008: € 17.1 million). These costs are included in 'Cost of sales' and 'Operating expenses' in the Consolidated Income Statement. Reference is made to note (21) to the Consolidated Interim Financial Statements.
Benefits DR program Another element in the Operational Excellence program is the improvement of the logistical processes amongst others via 'Direct Replenishment' (DR) of spare parts. This enables Océ to centralize inventories related to spare parts. The centralized inventories require a lower provision for obsolescence and as a result part of the provision for impairment of spare parts was released, resulting in a one‐off gain of € 4.4 million. This release is included in 'Cost of sales' in the Consolidated Income Statement. Reference is made to note (16) to the Consolidated Interim Financial Statements.
Capitalized development expenditure Océ allocates significant resources in R&D to further improve the competitiveness of its product portfolio. As of 2009, the start of capitalization of development expenditure is matched with the start of investments in product industrialization, which is earlier in the development process than before. This resulted in € 11.9 million higher capitalization of development expenditure in the first half of 2009 compared to the first half of 2008. Reference is made to note (9) to the Consolidated Interim Financial Statements
The balance sheet total decreased to € 2,465 million as at May 31, 2009 (November 30, 2008: € 2,549 million). Corrected for exchange rate differences, the balance sheet total decreased by € 3 million compared to November 30, 2008. Net Capital Employed decreased from € 1,243 million as at November 30, 2008 to € 1,218 million as at May 31, 2009.
Equity Equity amounted to € 654 million as at May 31, 2009 (November 30, 2008: € 681 million). Changes in equity resulted from net income for the six months ended May 31, 2009 (+ € 1 million), dividends (‐ € 3 million), change in currency translation differences (‐ € 33 million), change in the hedge reserve (+ € 7 million) and share‐based compensation (+ € 1 million). Equity as a percentage of the balance sheet total amounted to 26.5% as at May 31, 2009 (November 30, 2008: 26.7%).
Borrowings As at May 31, 2009 the borrowings amounted to € 754 million (November 30, 2008: € 611 million) of which € 701 million (92.9%) regards non‐ current borrowings. Borrowings increased with € 143 million compared to November 30, 2008. On the other side cash and cash equivalentsincreased with € 124 million compared to November 30, 2008. As at May 31, 2009 € 186 million in the form of unused
committed credit lines, maturing within two years, was available to the Group.
Financial covenants In order to accelerate the cost reduction program and to act prudently in view of the deterioration of market sectors, financial covenants have been amended in the first half of 2009. The amendment reflected changes in the definition of EBITDA as well as the required covenant hurdle rates. Under the previous financial covenants, the net debt/EBITDA ratio1 amounted to 2.8 (financial covenants maximum of 3.0) and EBITDA/interest (net) ratio amounted to 4.9 (financial covenants minimum 4.0). Under the amended financial covenants, the net debt/EBITDA amounted to 2.4 (financial covenants maximum of 3.25) and EBITDA/interest (net) ratio amounted to 5.7 (financial covenants minimum of 3.5). Océ stayed within all (previous and amended) financial covenants during the first half of 2009. The fees relating to the amendment of the financial covenants amounted to € 11.3 million and have been included in the carrying amount of the borrowings. These fees will be amortized over the average remaining term of the related borrowings.
Amended net debt/EBITDA ratio maximum:
| ≤ 3.25 |
|---|
| ≤ 3.50 |
| ≤ 3.25 |
| ≤ 3.00 |
Amended EBITDA/interest (net) ratio minimum:
| Q2 2009 ‐ Q3 2010 | ≥ 3.50 |
|---|---|
| Thereafter | ≥ 4.00 |
The cash flow before financing activities (free cash flow) amounted to ‐ € 48 million (May 31, 2008: ‐ € 106 million), an increase of € 58 million compared to the first half of 2008. The cash flow from operating activities amounted to € 5 million, an increase of € 55 million compared to the first half of 2008 (‐ € 50 million). This increase was largely due to improvements in working capital. The cash flow from investing activities amounted to ‐ € 53 million (May 31, 2008: ‐ € 56 million).
The cash flow from financing activities amounted to € 177 million (May 31, 2008: € 49 million). The cash dividend distributed to holders of ordinary shares was nil (May 31, 2008: € 41.6 million). The cash dividend paid to holders of financing preference shares relating to the financial year 2008 amounted to € 2.0 million (May 31, 2008: € 2.6 million). Reference is made to note (22) to the Consolidated Interim Financial Statements.
1 In the financial covenants net debt is defined as borrowings less cash and cash equivalents, plus derivative financial instruments, plus corrections and amounted to € 584 million as at May 31, 2009. EBITDA is defined as EBITDA less corrections and amounted to € 207 million under the previous financial covenants and € 241 million under the amended financial covenants as at May 31, 2009. Interest (net) is defined as finance expenses plus interest income, plus corrections and amounted € 42 million as at May 31, 2009. EBITDA and interest (net) are calculated on a last twelve months basis.
Under the amended financial covenants, for 2009 and 2010, a dividend payment to holders of ordinary shares is possible if the net debt/EBITDA ratio is below 2.5 for two subsequent quarters.
Revenues in DDS decreased by 4.5% to € 747.6 million (May 31, 2008: € 782.7 million). On an organic basis revenues decreased by 8.0%. The share of color in revenues increased to 24% (May 31, 2008: 20%). Non‐recurring revenues amounted to € 233.5 million (May 31, 2008: € 260.5 million), an organic decrease of 12.8%. As a result of the decline in multiple market sectors equipment sales in Office, Printroom as well as black & white continuous feed systems decreased strongly. DDS improved its position in TransPromo and Graphic Arts through the Océ JetStream and Océ ColorStream continuous feed color printers despite the increased financing difficulties for customers. Recurring revenues amounted to € 514.1 million (May 31, 2008: € 522.2 million), an organic decrease of 5.7%. The market deterioration resulted in lower print volumes and subsequently lower revenues in Office and black & white continuous feed. DDS grew its revenues in production cutsheet and continuous feed color.
Revenues in WFPS amounted to € 353.8 million (May 31, 2008: € 414.9 million), an organic decrease of 16.1%. The share of color in revenues increased to 43%. (May 31, 2008: 32%).
Non‐recurring revenues amounted to € 120.7 million (May 31, 2008: € 148.0 million). Organically, non‐ recurring revenues decreased by 19.3%, due to significantly lower equipment sales in Technical Document Systems especially in the United States. Display Graphics grew its equipment sales despite the increased financing difficulties for customers. Recurring revenues amounted to € 233.1 million (May 31, 2008: € 266.9 million), an organic decrease of 14.3%. The main driver was the decline of Imaging Supplies revenues, which declined strongly due to the divestment of Arkwright, inventory reductions by customers and lower print volumes.
Revenues in OBS amounted to € 232.3 million (May 31, 2008: € 209.3 million), an organic increase of 7.2%. OBS showed consistent revenues growth as the trend to outsource document management activities continues. Revenue growth in Europe was strong, despite the economic slowdown. New installs are expected to generate more revenue growth in the United States in the second half of 2009.
| as % | first quarter 2009 | second quarter 2009 | first half year 2009 | |
|---|---|---|---|---|
| Digital Document Systems |
recurring non‐recurring total |
‐ 5.7 ‐ 14.9 ‐ 8.6 |
‐ 5.6 ‐ 10.9 ‐ 7.4 |
‐ 5.7 ‐ 12.8 ‐ 8.0 |
| Wide Format Printing Systems |
recurring non‐recurring total |
‐ 13.4 ‐ 17.6 ‐ 14.9 |
‐ 15.1 ‐ 20.9 ‐ 17.2 |
‐ 14.3 ‐ 19.3 ‐ 16.1 |
| Océ Business Services |
recurring non‐recurring total |
6.4 ‐ 6.4 |
8.0 ‐ 8.0 |
7.2 ‐ 7.2 |
| total | recurring non‐recurring total |
‐ 5.2 ‐ 15.9 ‐ 8.2 |
‐ 5.3 ‐ 14.5 ‐ 8.1 |
‐ 5.3 ‐ 15.2 ‐ 8.1 |
First, in order to mitigate the market deterioration Océ has accelerated its cost cutting measures by increasing the targeted FTE reduction by 1,100 of which 800 FTEs were announced on May 13, 2009 and 300 FTEs were announced on July 2, 2009. The total anticipated reduction for 2008‐2010 currently amounts to 2,350 FTEs, of which some 1,500 FTEs have been realized. Following the acceleration of the FTE reduction the total target for cost reduction for full year 2009 was increased by € 44 million from € 80 million to € 124 million. The total cost reduction achieved year to date amounts to € 72 million. Océ also realized year to date € 112 million balance sheet reductions (target full year 2009: € 100 million). Excluding the effects of the lower business activity levels, these reductions amounted to € 46 million.
Second, Océ remains focused on further reinforcing its competitive position by strengthening its distribution power and enhancing the competitiveness of its product portfolio. In parallel, Océ continues to explore all realistic options to improve economy of scale without excluding strategic alternatives, if beneficial for Océ and all stakeholders.
Pages 84 and 85 of the Annual Report 2008 contain a summary of the risk assessment that was carried out in 2008 by Océ. The assessment concerns the identification of the principal risks, which are subdivided into five groups. The following three groups of risks relate to the three strategic pillars:
The two additional groups of principal risks are:
In our view, the nature and potential impact of the risks in these groups are not materially different for the second half of 2009. In addition, the following should be noted:
We will continue to monitor the principal risks closely and manage our response through a combination of control measures and actions as new risks may emerge and current risks may change in the second half of 2009.
We do not anticipate an improvement of relevant markets for the second half of 2009. Amidst the current economic climate, we continue to cut cost aggressively, reflected in the increased 2008‐2010 headcount reduction target of 2,350 FTEs and the increased 2009 cost reduction target of € 124 million. We will continue actions to improve cash flow via balance sheet reductions. In addition, we will further improve our competitive position by strengthening our distribution power and increasing the competitiveness of our product portfolio.
Major related party transactions are disclosed in note (23) to the Consolidated Interim Financial Statements.
The content of this Interim Financial Report has not been audited or reviewed by an external auditor.
The members of the Board of Executive Directors, as required by section 5:25d, paragraph 2, under c of the Dutch Financial Supervision Act (Wet op het financieel toezicht), confirm that to the best of their knowledge:
The Consolidated Interim Financial Statements for the six months ended May 31, 2009 give a true and fair view of the assets, liabilities, financial position and profit or loss of Océ N.V. and its consolidated companies, and
The Interim Directors' Report gives a true and fair view of:
Venlo, July 8, 2009
Board of Executive Directors
R.L. van Iperen, chairman H.A. Kerkhoven A.H. Schaaf
Investor Relations: Carlo Schaeken, Vice President Investor Relations Phone +31 77 359 2240, e‐mail [email protected]
Press: Jan Hol, Senior Vice President Corporate Communications Phone +31 77 359 2000, e‐mail [email protected]
Free cash flow: the cash flow before financing activities.
Non‐recurring revenues: revenues from the sale of machines, software and professional services. Net Capital Employed: total assets excluding cash and cash equivalents, less non‐interest bearing liabilities adjusted for derivatives.
Organic growth: the development of the results after adjustments for exchange rate effects and the impact of substantial acquisitions or disposals.
Recurring revenues: revenues from service, inks, toners, media, rentals, interest and business services. RoCE: Return on Capital Employed: operating income on an annual basis after normalized taxes (20%) as a percentage of average Net Capital Employed.
Consolidated Interim Financial Statements
| x € 1,000 | The figures ( ) refer to the notes | 2009 | 2008 |
|---|---|---|---|
| Total revenues | 1,333,721 | 1,406,879 | |
| Cost of sales | ‐ 837,205 | ‐ 857,099 | |
| Gross margin | 496,516 | 549,780 | |
| Selling and marketing expenses | ‐ 301,657 | ‐ 319,295 | |
| Research and development expenses (9) | ‐ 83,408 | ‐ 110,433 | |
| General and administrative expenses | ‐ 96,063 | ‐ 99,508 | |
| Other income (net) (10) | 1,697 | 20,732 | |
| Operating expenses | ‐ 479,431 | ‐ 508,504 | |
| Operating income | 17,085 | 41,276 | |
| Finance expenses | ‐ 25,026 | ‐ 26,031 | |
| Finance income | 5,772 | 8,196 | |
| Share in income of associates | 1,952 | 211 | |
| Income before income taxes |
‐ 217 | 23,652 | |
| Income taxes (11) | 1,226 | 3,126 | |
| Net income | 1,009 | 26,778 | |
| Net income attributable to | Shareholders | 111 | 25,871 |
| Minority interest | 898 | 907 | |
| 1,009 | 26,778 | ||
| Earnings per ordinary share for net income attributable to shareholders (euro) |
Basic | ‐ 0.01 | 0.29 |
| Diluted | ‐ 0.01 | 0.29 |
| x € 1,000 | Assets | May 31, | November 30, | May 31, |
|---|---|---|---|---|
| 2009 | 2008 | 2008 | ||
| Non‐current assets | Intangible assets (12) | 576,785 | 593,521 | 509,367 |
| Property, plant and equipment (13) | 330,766 | 353,912 | 358,588 | |
| Rental equipment | 94,175 | 109,904 | 101,874 | |
| Associates | 4,065 | 2,110 | 2,352 | |
| Derivative financial instruments (14) | 999 | 571 | 2,402 | |
| Trade and other receivables (15) | 203,596 | 216,654 | 191,434 | |
| Deferred income tax assets | 93,376 | 106,062 | 83,807 | |
| Available‐for‐sale financial assets | 8,317 | 8,567 | 8,940 | |
| 1,312,079 | 1,391,301 | 1,258,764 | ||
| Current assets | Inventories (16) | 317,021 | 352,814 | 375,058 |
| Derivative financial instruments (14) | 18,964 | 22,104 | 13,664 | |
| Trade and other receivables (15) | 588,054 | 681,244 | 641,154 | |
| Current income tax receivables | 20,371 | 18,679 | 13,266 | |
| Cash and cash equivalents | 203,087 | 79,361 | 102,384 | |
| 1,147,497 | 1,154,202 | 1,145,526 | ||
| Non‐current assets held for sale | 5,755 | 3,386 | 10,035 |
Total 2,465,331 2,548,889 2,414,325
| x € 1,000 | Equity and Liabilities | May 31, | November 30, | May 31, |
|---|---|---|---|---|
| 2009 | 2008 | 2008 | ||
| Equity | Share capital (17) | 53,669 | 53,669 | 53,669 |
| Share premium | 512,026 | 512,026 | 512,020 | |
| Other reserves | - 91,083 | - 91,870 | - 145,103 | |
| Retained earnings | 145,233 | 169,742 | 194,717 | |
| Net income attributable to shareholders | 111 | 1,968 | 25,871 | |
| Equity attributable to shareholders | 619,956 | 645,535 | 641,174 | |
| Minority interest | 34,079 | 34,976 | 34,257 | |
| 654,035 | 680,511 | 675,431 | ||
| Non‐current | Borrowings (18) | 700,618 | 574,469 | 535,237 |
| liabilities | Derivative financial instruments (14) | 25,311 | 28,240 | 9,474 |
| Retirement benefit obligations (19) | 388,412 | 388,730 | 394,825 | |
| Trade and other liabilities (20) | 5,754 | 5,073 | 8,073 | |
| Deferred income tax liabilities | 19,741 | 24,580 | 15,262 | |
| Provisions for other liabilities and charges (21) | 38,812 | 42,300 | 47,600 | |
| 1,178,648 | 1,063,392 | 1,010,471 | ||
| Current liabilities | Borrowings (18) | 53,649 | 36,632 | 138,566 |
| Derivative financial instruments (14) | 7,361 | 25,016 | 3,333 | |
| Trade and other liabilities (20) | 546,125 | 696,433 | 552,366 | |
| Current income tax liabilities | 10,154 | 25,088 | 21,655 | |
| Provisions for other liabilities and charges (21) | 15,359 | 21,817 | 12,503 | |
| 632,648 | 804,986 | 728,423 | ||
| Total | 2,465,331 | 2,548,889 | 2,414,325 |
| x € 1,000 | Equity attributable to shareholders | ||||||
|---|---|---|---|---|---|---|---|
| share capital (17) |
share premium |
other reserves |
retained earnings |
net income attributable to shareholders |
minority interest |
total equity |
|
| Balance at November 30, 2007 | 53,669 | 512,008 | ‐ 146,512 | 180,873 | 77,097 | 35,464 | 712,599 |
| Appropriation of net income | - | ‐ | ‐ | 77,097 | ‐ 77,097 | ‐ | ‐ |
| Balance at December 1, 2007 | 53,669 | 512,008 | - 146,512 | 257,970 | ‐ | 35,464 | 712,599 |
| Cash flow hedges | ‐ | ‐ | 2,289 | ‐ | ‐ | ‐ | 2,289 |
| Currency translation differences | ‐ | ‐ | ‐ 21,804 | ‐ | ‐ | 9 | ‐ 21,795 |
| Other changes | ‐ | ‐ | 19,944 | ‐ 19,944 | ‐ | ‐ | ‐ |
| Net income/(expense) recognized | |||||||
| directly in equity | ‐ | ‐ | 429 | ‐ 19,944 | ‐ | 9 | ‐ 19,506 |
| Net income | ‐ | ‐ | ‐ | ‐ | 25,871 | 907 | 26,778 |
| Total recognized income | ‐ | ‐ | 429 | ‐ 19,944 | 25,871 | 916 | 7,272 |
| Share‐based compensation: | |||||||
| ⏐ value of employee services | ‐ | ‐ | ‐ | ‐ 246 | ‐ | ‐ | ‐ 246 |
| ⏐ proceeds from shares reissued | ‐ | ‐ | 980 | ‐ 169 | ‐ | ‐ | 811 |
| Conversion of convertible | |||||||
| debentures to employees | ‐ | 12 | ‐ | ‐ | ‐ | ‐ | 12 |
| Capital decrease | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ 312 | ‐ 312 |
| Dividend | ‐ | ‐ | ‐ | ‐ 42,894 | ‐ | ‐ 1,811 | ‐ 44,705 |
| ‐ | 12 | 980 | ‐ 43,309 | ‐ | ‐ 2,123 | ‐ 44,440 | |
| Balance at May 31, 2008 | 53,669 | 512,020 | ‐ 145,103 | 194,717 | 25,871 | 34,257 | 675,431 |
| x € 1,000 | Equity attributable to shareholders | ||||||
|---|---|---|---|---|---|---|---|
| share capital (17) |
share premium |
other reserves |
retained earnings |
net income attributable to shareholders |
minority interest |
total equity |
|
| Balance at November 30, 2008 | 53,669 | 512,026 | ‐ 91,870 | 169,742 | 1,968 | 34,976 | 680,511 |
| Appropriation of net income | - | ‐ | ‐ | 1,968 | ‐ 1,968 | ‐ | ‐ |
| Balance at December 1, 2008 | 53,669 | 512,026 | - 91,870 | 171,710 | ‐ | 34,976 | 680,511 |
| Cash flow hedges | ‐ | ‐ | 7,540 | ‐ | ‐ | ‐ | 7,540 |
| Currency translation differences | ‐ | ‐ | ‐ 32,539 | ‐ | ‐ | ‐ | ‐ 32,539 |
| Other changes | ‐ | ‐ | 25,058 | ‐ 25,058 | ‐ | ‐ | ‐ |
| Net income/(expense) recognized | |||||||
| directly in equity | ‐ | ‐ | 59 | ‐ 25,058 | ‐ | ‐ | ‐ 24,999 |
| Net income | ‐ | ‐ | ‐ | ‐ | 111 | 898 | 1,009 |
| Total recognized income | ‐ | ‐ | 59 | ‐ 25,058 | 111 | 898 | ‐ 23,990 |
| Share‐based compensation: | |||||||
| ⏐ value of employee services | ‐ | ‐ | ‐ | 30 | ‐ | ‐ | 30 |
| ⏐ proceeds from shares reissued | ‐ | ‐ | 728 | ‐ 173 | ‐ | ‐ | 555 |
| Conversion of convertible | |||||||
| debentures to employees | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ |
| Capital decrease | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ |
| Dividend | ‐ | ‐ | ‐ | ‐ 1,276 | ‐ | ‐ 1,795 | ‐ 3,071 |
| ‐ | ‐ | 728 | ‐ 1,419 | ‐ | ‐ 1,795 | ‐ 2,486 | |
| Balance at May 31, 2009 | 53,669 | 512,026 | ‐ 91,083 | 145,233 | 111 | 34,079 | 654,035 |
| Consolidated Cash Flow |
Statement for the |
six months ended May |
31 |
|---|---|---|---|
| ------------------------------ | ------------------------- | ------------------------------- | ---- |
| x € 1,000 | 2009 | 2008 |
|---|---|---|
| Operating income | 17,085 | 41,276 |
| Adjustments for: | ||
| Depreciation, amortization and impairment | 93,059 | 91,218 |
| Share‐based compensation | 1,458 | ‐ 3,246 |
| Result on divestments, disposals | ‐ 1,578 | ‐ 20,696 |
| Unrealized gains/losses on financial instruments | ‐ 2,848 | ‐ 906 |
| Changes in: | ||
| Retirement benefit obligations | 962 | ‐ 2,701 |
| Provisions for other liabilities and charges | ‐ 10,123 | ‐ 3,411 |
| Rental equipment | ‐ 19,893 | ‐ 28,651 |
| Inventories | 26,296 | ‐ 52,492 |
| Trade and other receivables | 75,504 | 14,770 |
| Trade and other liabilities | ‐ 127,540 | ‐ 63,287 |
| Operating cash flows: | ||
| Interest received | 4,860 | 10,358 |
| Interest paid | ‐ 39,586 | ‐ 27,353 |
| Income taxes | ‐ 12,058 | ‐ 5,352 |
| Cash flow from operating activities | 5,598 | ‐ 50,473 |
| Investment in intangible assets | ‐ 43,159 | ‐ 33,403 |
| Investment in property, plant and equipment | ‐ 20,549 | ‐ 35,219 |
| Divestment of intangible assets | 75 | 55 |
| Divestment of property, plant and equipment | 1,856 | 5,622 |
| Payments/receipts regarding other non‐current assets | ‐ 1,673 | ‐ 368 |
| Capital increase/decrease in associates | ‐ 3 | ‐ |
| Dividend from associates | ‐ | 94 |
| Sale of finance lease portfolio | 7,083 | 2,252 |
| Sale of subsidiaries (net of cash) | 3,207 | 7,821 |
| Acquisitions (net of cash) | ‐ | ‐ 2,630 |
| Cash flow from investing activities | ‐ 53,163 | ‐ 55,776 |
| x € 1,000 | 2009 | 2008 |
|---|---|---|
| Proceeds from borrowings | 216,773 | 100,069 |
| Repayments of borrowings | ‐ 36,696 | ‐ 5,493 |
| Dividend paid to shareholders | ‐ 1,968 | ‐ 44,171 |
| Repurchase of/proceeds from treasury shares | 555 | 814 |
| Capital decrease/dividend minority interest | ‐ 1,795 | ‐ 2,123 |
| Cash flow from financing activities | 176,869 | 49,096 |
| Currency translation differences | ‐ 5,578 | ‐ 7,696 |
| Change in cash and cash equivalents | 123,726 | ‐ 64,849 |
| Cash and cash equivalents at start of financial year | 79,361 | 167,233 |
| Cash and cash equivalents at end of reporting period | 203,087 | 102,384 |
The Group's financial year commences on December 1 and closes on November 30 of the subsequent year.
The Consolidated Interim Financial Statements for the six months ended May 31, 2009 have been authorized for issue by both the Board of Supervisory Directors and the Board of Executive Directors on July 8, 2009.
The Consolidated Interim Financial Statements are unaudited.
The Consolidated Interim Financial Statements for the six months ended May 31, 2009 have been prepared in accordance with IAS 34 'Interim Financial Reporting' and do not include all the information and disclosures required in the Annual Financial Statements.
The Consolidated Interim Financial Statements should be read in conjunction with the Consolidated Financial Statements for the year ended November 30, 2008, which have been prepared in accordance with IFRS, as adopted by the European Union.
Except as described below, the accounting policies applied are consistent with those followed in the Consolidated Financial Statements for the year ended November 30, 2008, as described in those Consolidated Financial Statements.
Income taxesin the Consolidated Interim Financial Statements are accrued using the tax rate that would be applicable to expected total annual earnings.
IFRIC 14 'IAS 19 ‐ The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction' became effective to Océ for the financial year started on December 1, 2008. IFRIC 14 provides guidance on assessing the limit in IAS 19 on the amount of the surplus that can be recognized as an asset. IFRIC 14 also explains how the pension asset or liability may be affected by a statutory or contractual minimum funding requirement. The application of IFRIC 14 did not have a material effect on the Consolidated Interim Financial Statements. Besides, Océ does not expect any material effect from the application of IFRIC 14 in the remaining six months of the financial year 2009.
Revenues and results of Océ are impacted by the seasonality of sales whereas the fourth quarter is the strongest quarter and the first quarter is the weakest quarter in the financial year. Due to the downturn in the market, Océ does not expect the seasonality to occur in the same way as in previous financial years.
No material changes in the Group's structure occurred during the six months ended May 31, 2009.
| average exchange rate of 1 euro | exchange rate of 1 euro at the balance sheet dates | ||||
|---|---|---|---|---|---|
| during the six months ended | |||||
| May 31, 2009 | May 31, 2008 | May 31, 2009 | Nov. 30, 2008 | May 31, 2008 | |
| Pound sterling | 0.90 | 0.76 | 0.88 | 0.84 | 0.79 |
| US dollar | 1.32 | 1.51 | 1.41 | 1.30 | 1.55 |
| Australian dollar | 1.91 | 1.66 | 1.77 | 1.98 | 1.62 |
| Swiss franc | 1.51 | 1.61 | 1.51 | 1.55 | 1.63 |
| Japanese yen | 125.79 | 160.04 | 135.38 | 123.62 | 163.38 |
Business segmentation of the selected income statement lines for the six months ended May 31 is disclosed in the table below:
| x € million | Digital Document | Wide Format Printing Systems |
Océ Business | total | ||||
|---|---|---|---|---|---|---|---|---|
| Systems | Services | |||||||
| 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | |
| Total revenues | 748 | 783 | 354 | 415 | 232 | 209 | 1,334 | 1,407 |
| Inter‐segment revenues | 23 | 21 | 5 | 6 | ‐ | ‐ | 28 | 27 |
| Operating income | ‐ 4 | 10 | 14 | 26 | 7 | 5 | 17 | 41 |
Geographical segmentation of total revenues for the six months ended May 31 is disclosed in the table below:
| x € million | 2009 | 2008 |
|---|---|---|
| United States | 488 | 516 |
| Germany | 150 | 152 |
| The Netherlands | 143 | 153 |
| France | 100 | 96 |
| United Kingdom | 81 | 90 |
| Rest of Europe | 262 | 283 |
| Countries outside Europe | ||
| and the United States | 110 | 117 |
| Total | 1,334 | 1,407 |
Research and development expenses amounted to € 83.4 million in the first half of 2009 (May 31, 2008: € 110.4 million); a decrease of € 27.0 million compared to the first half of 2008. This decrease resulted from the following two factors:
In the first half of 2009 Océ recognized a gain of € 1.7 million from the sale of the coating and converting activities of Arkwright, Inc. In the first half of 2008 a gain of € 20.7 million was recognized from the sale of Océ Document Technologies G.m.b.H.
Income tax charge for the six months ended May 31, 2009 is calculated asfollows:
| Income tax calculated at domestic tax rates | 542 |
|---|---|
| Income not subject to tax | 3,750 |
| Expenses not deductible for tax purposes | ‐ 744 |
| Valuation of deferred tax assets | ‐ 2,322 |
| Income tax charge as at May 31, 2009 | 1,226 |
The estimated weighted average annual tax rate used for the financial year 2009 is 25.0% (2008: 27.5%).
During the six months period ended May 31, 2009 expenditure in intangible assets amounted to € 43.2 million of which € 33.8 million related to internally generated technology and € 3.5 million to internally generated software. Of the total amount of expenditure in internally generated technology € 11.9 million resulted from higher capitalization of development expenditure due to an earlier start of capitalization in the development process. Reference is made to note (9).
Amortization of intangible assets amounted to € 25.8 million in the first half year of which € 11.9 million related to internally generated technology and software. The carrying amount of internally generated technology and software amounted to € 136.6 million as at May 31, 2009 (November 30, 2008: € 111.5 million).
Goodwill decreased by € 26.9 million due to exchange differences. This decrease is recognized directly in equity in the reserve for currency translation differences.
| x € 1,000 | |
|---|---|
| At December 1, 2008 | 353,912 |
| Expenditure | 20,549 |
| Divestments | ‐ 1,975 |
| Disposal of subsidiaries | ‐ 970 |
| Depreciation | ‐ 35,964 |
| Exchange differences | ‐ 4,786 |
| At May 31, 2009 | 330,766 |
During the six months ended May 31, 2009 expenditure in Property, plant and equipment amounted to € 20.5 million (May 31, 2008: € 35.2 million) and mainly related to investments in other equipment (€ 10.0 million) and other non‐current assets (€ 4.5 million).
| x € 1,000 | May 31, 2009 | November 30, 2008 | ||
|---|---|---|---|---|
| assets | liabilities | assets | liabilities | |
| Interest rate swaps | 523 | 21,815 | 571 | 22,132 |
| Foreign exchange contracts | ‐ | 3,496 | ‐ | 6,108 |
| Cap on financing preference shares | 476 | ‐ | ‐ | ‐ |
| Non‐current | 999 | 25,311 | 571 | 28,240 |
| Interest rate swaps | ‐ | ‐ | ‐ | 142 |
| Foreign exchange contracts | 18,573 | 7,328 | 21,361 | 24,217 |
| Embedded derivatives | 391 | 33 | 743 | 657 |
| Current | 18,964 | 7,361 | 22,104 | 25,016 |
| Total | 19,963 | 32,672 | 22,675 | 53,256 |
The net carrying amount of derivative financial instruments amounted to ‐ € 12.7 million as at May 31, 2009 (November 30, 2008: ‐ € 30.6 million).
| x € 1,000 | May 31, 2009 | November 30, 2008 |
|---|---|---|
| Finance lease receivables (net) | 188,117 | 202,804 |
| Other receivables | 15,479 | 13,850 |
| Non‐current | 203,596 | 216,654 |
| Trade receivables (gross) | 466,676 | 526,916 |
| Provision for impairment of trade receivables | ‐ 47,472 | ‐ 45,685 |
| Trade receivables (net) | 419,204 | 481,231 |
| Finance lease receivables (net) | 81,759 | 94,840 |
| Prepayments | 23,372 | 20,379 |
| Duties and taxes | 10,883 | 13,145 |
| Other receivables | 52,836 | 71,649 |
| Current | 588,054 | 681,244 |
| Total | 791,650 | 897,898 |
The aging of trade receivables as at May 31, 2009 was as follows:
| x € 1,000 | gross | provision | net |
|---|---|---|---|
| Not yet due | 260,059 | ‐ 2,001 | 258,058 |
| Less than 3 months past due | 138,596 | ‐ 4,798 | 133,798 |
| 3‐6 months past due | 19,448 | ‐ 4,663 | 14,785 |
| More than 6 months past due | 48,573 | ‐ 36,010 | 12,563 |
| Total | 466,676 | ‐ 47,472 | 419,204 |
| x € 1,000 | May 31, 2009 | November 30, 2008 |
|---|---|---|
| Raw and other materials | 53,199 | 48,197 |
| Semi‐finished products and spare parts | 75,834 | 118,784 |
| Finished products and trade inventories | 187,988 | 185,833 |
| Total | 317,021 | 352,814 |
In the first half of 2009 the inventories decreased with € 35.8 million. This decrease was largely due to the temporary shut‐down of some manufacturing lines and stringent control on improving working capital.
During the six months ended May 31, 2009 a gain of € 4.4 million resulting from the release of part of the provision for impairment of spare parts was recognized. This gain is included in 'Cost of sales' in the Consolidated Income Statement.
| Overview of movements in number of shares outstanding: |
at December 1, 2008 |
conversion | repurchase/ cancellation |
exercise of share‐based compensation |
at May 31, 2009 |
|---|---|---|---|---|---|
| Number of ordinary shares | 87,337,108 | ‐ | ‐ | ‐ | 87,337,108 |
| Treasury shares | ‐ 2,523,808 | ‐ | ‐ | 58,020 | ‐ 2,465,788 |
| Number of ordinary shares | 84,813,300 | ‐ | ‐ | 58,020 | 84,871,320 |
| Financing preference shares | 20,000,000 | ‐ | ‐ | ‐ | 20,000,000 |
| x € 1,000 | May 31, 2009 | November 30, 2008 |
|---|---|---|
| Convertible debentures to employees | 3,840 | 5,334 |
| 8.43% semi‐annual USPP Notes due in 2011 | 109,305 | 118,846 |
| 8.56% semi‐annual USPP Notes due in 2013 | 41,167 | 44,760 |
| 8.63% semi‐annual USPP Notes due in 2016 | 2,129 | 2,315 |
| 8.07% semi‐annual USPP Notes due in 2016 | 22,843 | 23,845 |
| Drawn under € 500 million multi‐currency facility (4.127% ‐ 6.928%) | 397,443 | 247,931 |
| Drawn under € 150 million multi‐currency facility (0.9% ‐ 2.79%) | 119,908 | 122,964 |
| Other loans | ‐ | 4,830 |
| Finance lease obligations | 3,983 | 3,644 |
| Non‐current | 700,618 | 574,469 |
| Convertible debentures to employees | 896 | 1,213 |
| Bank overdrafts | 37,601 | 10,107 |
| Other loans | 11,770 | 21,137 |
| Finance lease obligations | 3,382 | 4,175 |
| Current | 53,649 | 36,632 |
| Total | 754,267 | 611,101 |
The carrying amount of the borrowings is denominated in the following currencies:
| x € 1,000 | May 31, 2009 | November 30, 2008 | |
|---|---|---|---|
| Euro | 264,764 | 75,143 | |
| US dollar | 381,859 | 420,275 | |
| Pound sterling | 30,478 | 30,879 | |
| Other | 77,166 | 84,804 | |
| Total | 754,267 | 611,101 | |
| as % | May 31, 2009 | November 30, 2008 |
|---|---|---|
| Convertible debentures to employees | 3.62 | 3.88 |
| Debentures and other loans | 5.31 | 4.49 |
| Finance lease obligations | 11.00 | 11.00 |
The net debt/EBITDA ratio as at May 31, 2009 amounted to 2.4. The EBITDA/interest (net) ratio amounted to 5.7. Océ stayed within the limits of the financial covenants during the first half of 2009. The fees relating to the amendment of the financial covenants amounted to € 11.3 million and are included in the carrying amount of the borrowings. These fees will be amortized over the average remaining term of the USPP notes and the € 500 million multi‐currency revolving credit facility.
| x € 1,000 | |
|---|---|
| At December 1, 2008 | 388,730 |
| Addition charged to income statement Unused amounts reversed to income |
17,321 |
| statement | ‐ 2,281 |
| Used | ‐ 14,078 |
| Exchange differences | ‐ 1,280 |
| At May 31, 2009 | 388,412 |
| x € 1,000 | May 31, 2009 | November 30, 2008 | |
|---|---|---|---|
| Trade accounts payable | 183,361 | 263,841 | |
| Notes payable | 7,747 | 12,595 | |
| Other taxes and social security payable | 63,868 | 72,890 | |
| Dividend financing preference shares | 1,861 | 2,553 | |
| Defined contribution plans | 3,904 | 3,893 | |
| Salary expenses and payroll taxes | 124,759 | 151,217 | |
| Share‐based compensation | 1,666 | 238 | |
| Deferred income | 55,784 | 60,544 | |
| Other liabilities | 40,539 | 55,377 | |
| Accrued expenses | 68,390 | 78,358 | |
| Total | 551,879 | 701,506 | |
| Less non‐current | 5,754 | 5,073 | |
| Current | 546,125 | 696,433 |
| x € 1,000 | other long term employee benefits |
employee termination benefits |
restructuring | other | total |
|---|---|---|---|---|---|
| At December 1, 2008 | 28,761 | 11,332 | 12,002 | 12,022 | 64,117 |
| Addition charged to income statement Unused amounts reversed to income |
1,435 | 3,288 | 6,548 | 2,221 | 13,492 |
| statement | ‐ 2,341 | ‐ 11 | ‐ 158 | ‐ 1,038 | ‐ 3,548 |
| Used | ‐ 1,620 | ‐ 4,131 | ‐ 11,471 | ‐ 3,005 | ‐ 20,227 |
| Unwinding of discount | 157 | ‐ | ‐ | 3 | 160 |
| Exchange differences | 55 | ‐ | ‐ 58 | 180 | 177 |
| At May 31, 2009 | 26,447 | 10,478 | 6,863 | 10,383 | 54,171 |
| Non‐current | 25,449 | 5,180 | 3,176 | 5,007 | 38,812 |
| Current | 998 | 5,298 | 3,687 | 5,376 | 15,359 |
| Total | 26,447 | 10,478 | 6,863 | 10,383 | 54,171 |
In the first half of 2009 € 13.5 million was added to the provisions for other liabilities and charges. Of this amount € 8.4 million related to the restructuring as part of the Operational Excellence program and was recognized for € 6.5 million under restructuring and for € 1.9 million under employee termination benefits. The restructuring costs were recognized in the Consolidated Income Statement as follows:
| Cost of sales | 3,537 |
|---|---|
| Selling and marketing expenses | 170 |
| Research and development expenses | 714 |
| General and administrative expenses | 4,004 |
| Total | 8,425 |
In May 2009 € 2.0 million dividend financing preference shares was paid. This dividend relates to the cumulative preference dividend for the financial year 2008 which amounted to € 2.6 million. The payment of the dividend financing preference shares in 2009 is in line with net income attributable to shareholders of the financial year 2008.
Except as described below, there were no material changes in the nature, scale or scope of related party transactions in the first half of 2009 compared with the disclosures made in the Consolidated Financial Statements for the year ended November 30, 2008.
An amount of € 150,000 was paid to Mr. H.A. Kerkhoven in March 2009 for compensating the loss of the 2008 bonus at ArcelorMittal.
Upon reaching the retirement age, Mr. J.F. Dix stepped down as member of the Board of Executive Directors as of April 23, 2009. No successor was appointed.
Having reached the maximum period of office Mr. F.J. de Wit resigned as a member of the Board of Supervisory Directors as of April 23, 2009.
On June 22, 2009 Mr. R.W.A. De Becker was officially appointed as a member of the Board of Supervisory Directors, effective June 23, 2009.
In the first half of 2009 there were no material changes to the Group's commitments and contingent liabilities from those disclosed in the Consolidated Financial Statements for the year ended November 30, 2008.
There were no events after the balance sheet date which are relevant to the Consolidated Interim Financial Statements.
This report contains information as referred to in the articles 5:59 jo. 5:53, 5:25d and 5:25w of the Dutch Financial Supervision Act (Wet op het financieel toezicht).
Forward‐looking statements, which can form a part of this report refer to future events and may be expressed in a variety of ways, such as 'expects', 'projects', 'anticipates', 'intends' or other similar words ("Forward‐looking statements").
Océ N.V. ("Océ") has based these forward‐looking statements on its current expectations and projections about future events. Océ's expectations and projections may change and Océ's actual results, performance or achievements could differ significantly from the results expressed in or implied by these forward‐looking statements due to possible risks and uncertainties and other important factors which are neither manageable nor foreseeable by Océ and some of which are beyond Océ's control.
When considering these forward‐looking statements, you should bear in mind these risks, uncertainties and other important factors described in this report or in Océ's other annual or periodic filings.
For a non‐limitative discussion of the risks, uncertainties and other factors that may affect Océ's actual results, performance or achievements, we refer you to this report, the Annual Report 2008 and any other publications issued by Océ.
In view of these uncertainties no certainty can be given about Océ's future results or financial position. We advise you to treat Océ's forward‐looking statements with caution, as they speak only as of the date on which the statements are made. Océ is under no obligation to update or revise publicly any forward‐ looking statement, whether as a result of new information, future events or otherwise, except as may be required under applicable (securities) legislation.
Océ enables its customers to manage their documents efficiently and effectively by offering innovative print and document management products and services for professional environments.
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