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RSDB HALF-YEAR RESULTS
2006
- result from ordinary activities in line
with expectations
- restructuring on schedule
- management appointments
Financial Summary
In the first half of 2006, RSDB realised a net profit from ordinary
activities of continued operations of EUR 4.0 million, against EUR
7.3 million in 2005 (-45%). Taking into account an unforeseen increase
of the budgeted redundancy costs the net result amounted to EUR 2.6
million. Other important factors influencing the result were pressures
on margins and strongly increased energy costs.
Turnover of the continued operating activities amounted to EUR 237.2
million (2005: EUR 244.1 million). Value added amounted to EUR 109.4
million (2005: EUR 114.8 million). The total of personnel costs,
depreciation and other operating costs increased by 2% to EUR 103.2
million (2005: EUR 100.9 million).
The operating result (EBIT) amounted to EUR 6.2 million (2005: EUR
13.9 million).
The result from ordinary activities declined strongly, in line with
the expectation as stated in the press release of May 17 of this
year, including reorganisation / redundancy costs of EUR 3 million.
The negative balance of financial income and expenses improved with
EUR 0,8 million to EUR 2.0 million (2005: EUR 2.8 million). The cash
flow from operating activities amounted to EUR 20,2 million (2005:
EUR 1,2 million). Interest bearing debts have declined with EUR 16
million down to EUR 79,9 million. The solvency ratio came to 40.0%
(ultimo 2005 39.0%).
At an unchanged number of 3,290,275 issued ordinary shares, the profit
per share amounted to EUR 0.80 (2005: EUR 2.21).
The markets of both Print Productions and Marketing Communications
are highly turbulent. In these challenging conditions, Print Productions
was still able to increase the market share. Owing to sales effort
and the major investment programme in 2005 and early 2006, the number
of kilo tonnes paper processed increased by 6.7% compared to the
corresponding period of 2005. This meant growth of more than 3% above
the market average.
Marketing Communications was able improve its result as well as to
strengthen its position in the market.
The PlantijnCasparie disinvestment process is reaching its final
stage. The Kaspar Group recently signed a declaration of intent,
resolving to transfer the shares of Kleihold B.V. to Kaspar Group
B.V. as of 8 September 2006.
Management Appointments
David Montgomery has been appointed as president of the supervisory
board of RSDB. Dries Lugt has been re-appointed as vice-president.
The supervisory board has decided to confirm John Caris as CEO of
RSDB.
Measures will be taken for further strengthening of the executive
board.
Prospects
The investigation into the possible expansion of Marketing Communications
is an important area of special attention. In the market of Print
Productions demand, in paper tonnage, is showing some recovery. At
the same time, this growth is still considerably behind the production
capacity increase.
RSDB reacts to this on the one hand by aiming sales efforts at responsible
expansion of market share, and on the other hand by implementing
measures aimed at productivity improvement and cost reduction. Tight
cost control will contribute to the future operating result and will
help to make up for increased energy costs. The draft restructuring
programme announced earlier this year is ready and will be externally
communicated when the required procedures in the internal organisation
have been completed.
An investigation of merger opportunities suitable for a strong independent
future is presently taking place, as RSDB believes that it can play
a part in the industrial consolidation of the printing industry in
Europe.
In view of the outlined market conditions and disregarding further
possible exceptional items, RSDB maintains its earlier expectations
for 2006.
IFRS
As from January 1st, 2005 the consolidated annual accounts of RSDB
N.V. are prepared on the basis of the International Financial Reporting
Standards as accepted within the European Union (IFRS). For a review
of the main principles of valuation under IFRS and an explanation
of the effects of the switch from the valuation principles in accordance
with Dutch GAAP as used in previous years to IFRS we refer to the
2005 annual report, which is available from the company and can also
be downloaded from the website of the company, www.rsdb.com.
It has been decided not to organise a regular press and analysts
meeting.
At a later date it will be announced.
Hilversum, August 16, 2006
RSDB
N.V.
Executive Board
For further information: RSDB Holding - John Caris / Leo van Gelder,
tel. +31 35 6258600
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