In the current economic turmoil we refrain from giving an outlook for our full year income. We did however start the fourth quarter of 2008 with an order backlog comparable with last year. Continued cost savings are expected to amount to Euro 21 million in the fourth quarter. Supported by a strong focus on improving all working capital elements and by the anticipated sale of finance lease receivables, we expect a positive free cash flow for the 2008 full year.
Board of Executive Directors Océ N.V.
|October 1, 2008|
Keys to terminology:
Non-recurring revenues: revenues from the sale of machines, software and professional services.
Organic growth: the development of the results after adjustment for exchange rate effects and the impact of substantial acquisitions or disposals.
Recurring revenues: revenues from services, 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 (total assets excluding cash and cash equivalents, less non-interest bearing liabilities adjusted for derivatives.)
Wide Format printing: wide format printing (bigger than A3).
The full report can be downloaded at the international website http://www.oce.com/en/Investor/QR/2008-Q3.htm.
Océ N.V. is a leading international provider of digital document management technology and services. The company’s solutions are based on Océ’s advanced software applications that deliver documents and data over internal networks and the Internet to printing devices and archives -- locally and around the world. Supporting the workflow solutions are Océ digital printers and scanners, considered the most reliable and productive in the world. Océ also offers a wide range of display graphics, consulting and outsourcing solutions.
Océ employs around 24,000 people, with 2007 revenues of approximately $4.6 billion, operates in more than 90 countries and maintains research and manufacturing centers in the Netherlands, the United States, Canada, Germany, France, Belgium, the Czech Republic, Romania and Singapore. Océ North America is headquartered in Trumbull, CT, with additional business units in Chicago, IL; New York City; Boca Raton, FL; Salt Lake City, UT and Vancouver, BC. North American revenues represented approximately half of Océ’s worldwide business in 2007, and employment is currently 11,000. For more information about Océ, visit www.oceusa.com. Outside the U.S., consult www.oce.com.
1 In 2008 and in the comparative figures for 2007 the transportation costs from distribution center to customer are fully included in the gross margin.
Carlo Schaeken, +31-77-359-2240
Vice President, Investor Relations
Jan Hol, +31-77-359-2000
Senior Vice President, Corporate Communications